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<br />10/24/2003 11:52 <br /> <br />5502519102 <br /> <br />RWC CITY CLERK <br /> <br />PAGE 02 <br /> <br />AGREEMENT <br /> <br />ORIGINAL <br /> <br />for <br /> <br />IMPROVEMENTS TO PINE MIDDLEFIELD AND HILTON HOUSE PROJECT <br />508 Pine Street Be 606 Hilton Street <br /> <br />Redwood City, California <br /> <br />HIP HOUSING DEVELOPMENT CORPORATION <br /> <br />THIS AGREEMENT, made ~nd entered into this ¡my of <br />~ , 2003, by and between the CITY OF REDWOOD CITY, a <br /> <br />municipal corporation of the State of California ("City") and HIP HOUSING <br /> <br />DEVELOPMENT CORPORATION (HHDC), a California nonprofit corporation <br /> <br />("Contractor") and a qualified Community Housing Development Organization <br /> <br />(CHDO); <br /> <br />WITNESSETH: <br /> <br />WHEREAS, pursuant to Section 24 of the Code of Federal Regulations, <br /> <br />Part 92 for the HOME Investment Partnership Program (HOME), funding <br /> <br />assistance may be used to fund eligible activities to be carried out by private <br /> <br />non-profit entities or public agencies which are duly organized to undertake <br /> <br />affordable housing program development; and <br /> <br />WHEREAS, Section 24 CFR Part 92.208 requires the City to make <br /> <br />available funds to a Community Housing Development Organization (CHDO) for <br /> <br />affordable housing activities; and <br /> <br />09/J ) 12003 <br /> <br />.. .,.--.,-..".,. ,. '-'--.-""' . <br />