Agmt17 HIP Housing Funds to Acquie 1512 Stafford

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Exhibit A (Program and Project Description) PROGRAM/PROJECT DESCRIPTION & REQUIREMENTS 1. Exhibit A to Fundinq Aqreement. This Exhibit A is attached to that certain Funding Agreement (the "Agreement") by and between the City and the Contractor, dated , 2017. Capitalized terms used in this Exhibit will have meanings set forth in the Agreement unless otherwise defined herein. 2. Proiect Description and Eligible Costs: Funds hereunder are provided pursuant to (a) the City's Affordable Housing Fund described in Section 18.273 of the Redwood City Code; (b) Section 570.201 of the Code of Federal Regulations for the Community Development Block Grant Program (CDBG) Program; and (c) 24 CFR 92, regulations covering the use of Home Investment Partnership Program (HOME) funds for eligible Community Housing Development Organization (CHDO) activities. City Affordable Housing Funds in the amount of $1,099,000.00, CDBG funds in the amount of $289,750.00, and HOME CHDO funds in the amount of $189,000 provided under this Agreement shall be used to assist in the acquisition of a real property located at 1512 Stafford Street, Redwood City, California ("Property") to provide affordable rental housing for Low Income Households and Very Low Income Households. (The City Affordable Housing Funds, the CDBG Funds and the HOME CHDO funds described in the preceding sentence shall hereinafter be referred to collectively as the "Funds"). Contractor shall use the Funds provided hereunder to acquire the Property in order to provide affordable housing to Very Low Income Households and Low Income Households in Redwood City. The rental housing that will be acquired with the assistance of the Funds provided under this Agreement will meet all applicable state and local codes, ordinances and housing standards. Contractor must maintain the Property in accordance with property standards throughout the Affordability Period in addition to all other applicable laws, ordinances, rules and regulations of federal, state, county or municipal governments or agencies now in force or that may be enacted hereafter that govern the Project. The Project is an acquisition of existing rental housing for the purpose of providing affordable rental housing for Very Low Income Households and Low Income Households. Contractor anticipates the Property acquisition will be completed no later than July 30, 2017. The Project will include 7 residential rental units and one 1,500 square foot commercial space. A total of 7 units will be subject to City Affordable Housing and CDBG income, rent and occupancy requirements, and 1 two-bedroom unit will additionally be subject to HOME requirements for rental housing. The table below is the estimated Project acquisition budget. Funds for this Project in addition to the City Affordable Housing Funds, CDBG and HOME-CHDO assistance are provided by Boston Private Bank, the County of San Mateo, and Contractor. Changes to the budget are subject to approval by the City: ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT REV: OG -21-1715 Page 19 of 41