Agmt17 HIP Housing Funds to Acquie 1512 Stafford

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WHEREAS, such HOME funds are reserved when a participating jurisdiction enters into a written agreement with a CHDO, and Contractor is a certified CHDO; and WHEREAS, Contractor has requested funding assistance from (a) the City's Affordable Housing Fund; (b) CDBG; and (c) HOME to acquire property located at 1512 Stafford Street in the City of Redwood City (the "Property") to be used to provide rental housing to Very Low Income Households and Low Income Households, each as defined below (such acquisition and operation of a housing facility, the "Project"); and WHEREAS, in consideration for providing (a) monies from the Affordable Housing Fund; (b) the CDBG funds; and (c) the HOME funds, Contractor has agreed to record a certain Declaration of Affordability Covenants on the Property in the form attached hereto as Exhibit "B" and incorporated herein by reference (the "Affordability Covenants"), which Affordability Covenants (i) shall restrict income and rent such that six of the units (the "CDBG/Affordable Housing Fund Units") shall remain continuously affordable to Low Income Households for 55 years (the "Affordability Period") and (ii) shall restrict income and rent such that, separately, one two-bedroom unit (the "Home -Funded Unit") shall be affordable to Very Low Income Households for 10 years (the "Home Affordability Period") and, thereafter, shall be affordable to Low Income Households for the remaining 45 years of the Affordability Period; and WHEREAS, the City's Consolidated Plan and Housing Element goals include assisting the development of housing that meets the needs of all socio-economic segments of the community; and ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT REV: 06-21-171S Page 2 of 41