Agmt16 CDBG HIP Housing Development Corporation HHDC

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1 HOME- assisted units such that these units remain continuously affordable to very low and 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 , HHDC ("Contractor"), a non-profit organization, has been certified as a CHDO pursuant to HUD rules, and proposes to rehabilitate 2 single family homes (units) of affordable rental housing; and WHEREAS , Contractor provides certain services through programs, including the program described in Exhibit "A" ("Program & Project Description"), attached hereto and made a part hereof; 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 allocate to Contractor the sum of Ninety Eight Thousand , Five Hundred Ninety Seven and no/100 Dollars ($98,597.00) for exclusive use by Contractor during the period commencing July 1 , 2015, and ending May 1 , 2017, solely for the purposes described in Paragraph 2. The HOME financial assistance from the City shall be evidenced by a Promissory Note in favor of the City, in the form attached hereto as Exhibit "C" (the "Promissory Note") and secured by a deed of trust on the Property (the "Deed of Trust"), in the form attached hereto as Exhibit "D". The Promissory Note shall provide that the loan be deferred of payments for a term of thirty 30 years at zero (0%) interest, except in the case of default as hereinafter provided , and shall be repaid in full at the end of the Loan Term, except in the case of a REV: 06-28-16 VR Page 2 of 37 ATTY/AGR.201 6. 1 69/HH DC Pine-Middlefield Rehabilitation