Agmt15 Mezes Court Associates (MCA)

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WHEREAS, in consideration for providing the HOME funds for the use or the proceeds thereof, the Contractor has agreed to record a certain Declaration of Affordability Covenants in the form attached hereto as Exhibit "B" (the "Affordability Covenants") on the Property, which Affordability Covenants shall provide that thirty seven (37) units of the Project will be HOME-assisted and restricts household incomes and rents of HOME- assisted units such that these units remain continuously affordable to very low income tenants for specified period of time; and WHEREAS, the City's Consolidated Plan and Housing Element goals include preservation of the existing supply of affordable housing; and WHEREAS, Contractor proposes to rehabilitate the Project, as described in Exhibit A; and WHEREAS, Contractor has requested financial assistance in order to conduct the program described in Exhibit "A" for residents of City during the fiscal year commencing July 1, 2015, and ending June 30, 2016 (the "Fiscal Year"); and NOW, THEREFORE, the Parties hereby agree as follows: 1. FINANCIAL ASSISTANCE. City will provide a grant to Contractor in the sum of Three Hundred Thirty Nine Thousand, Seven Hundred Fifty Six and 00/100 Dollars ($339,756.00) for exclusive use by Contractor during the period commencing July 1, 2015, and ending June 1, 2016, solely for the purposes described in Paragraph 2. 2. USE OF FUNDS. Contractor will use the funds provided pursuant to Paragraph 1 solely for the Project purposes described in Exhibit "A" attached hereto and by this reference incorporated herein. Contractor shall perform services as described in Exhibit "A" in consideration of the payments set forth in Paragraph 4 and shall cause the Affordability Agreement as set forth in Exhibit"B"to be recorded. REV:08-14-15 RL Page 2 of 26 ATTY/AGR.2015.176/MIDPEN City Center Apts Rehab