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ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT <br />REV: 06-21-17 JS <br />Page 1 of 41 <br />AGREEMENT WITH HIP HOUSING DEVELOPMENT CORPORATION FOR <br />FUNDS TO ACQUIRE 1512 STAFFORD STREET <br /> <br /> THIS AGREEMENT, made and entered into this day of __________ 2017, <br />by and between the CITY OF REDWOOD CITY, a charter city and municipal corporation <br />of the State of California ("City") and HIP HOUSING DEVELOPMENT CORPORATION, <br />a California nonprofit public benefit corporation ("Contractor"; collectively the “Parties”). <br />W I T N E S S E T H: <br /> <br />WHEREAS, pursuant to Section 18.273 of the Redwood City Code, monies in the <br />City’s Affordable Housing Fund shall be expended exclusively to provide housing <br />affordable to extremely low income, very low income, lower income, and moderate <br />income households in the City, as defined therein; and <br />WHEREAS, pursuant to Section 570.201 of the Code of Federal Regulations for <br />the Community Development Block Grant Program (“CDBG”), funding assistance may be <br />used to fund eligible activities to be carried out by private non-profit entities which are <br />duly organized to undertake affordable housing development or public agencies; and <br />WHEREAS, pursuant to Section 24 of the Code of Federal Regulations (“CFR”), <br />Part 92.300 for the HOME Investment Partnership Program (“HOME”), within 24 months <br />after the U.S. Department of Housing & Urban Development (“HUD”) notifies the <br />participating jurisdiction of HUD’s execution of the HOME agreement, the participating <br />jurisdiction must reserve not less than 15% of the HOME allocation for investment only in <br />housing to be developed, sponsored, or owned by certified Community Housing <br />Development Organizations (“CHDO’s”); and <br />6.3.E. - Page 13