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Agreement with Peninsula Habitat for Humanity Funding for Property Acquisition Exhibit A PROGRAM SERVICES A. ACTIVITIES 1. Assiqnment and Transfer of Aqreement Nofinrithstanding Paragraph 7 herein, this Agreement may be assigned by Contractor to and be assumed by a very low-income household (hereinafter called "Beneficiary") provided that very low income "Beneficiary" shall assume all rights and obligations of the Contractor hereunder, in form and content satisfactory to the City. 2. Acquisition With funds provided under this Agreement, and funds to be deposited by Contractor hereunder, Contractor shall acquire the property at 422 &430 Lincoln Avenue, in the incorporated limits of Redwood City ("Property"). Contractor shall deposit$170,000 plus sufficient fees for non recurring escrow fees in order to complete this sale at a purchase price of$430,000. Upon completion of this acquisition, Contractor shall provide sufficient funding and labor to complete the construction of six ownership units on the subject property within 12 months from the date of execution of this agreement. Contractor shall sell each of said units to an eligible and qualified "Beneficiary" at a purchase price not to exceed $195,000 per unit. 3. Marketinq Contractor shall select first time homebuyers from a pool of applicants residing in the incorporated limits of the City of Redwood City no later than the date on which construction will begin. Contractor shall include as part of its marketing efforts, outreach to homeless and at-risk of being homeless households transitioning through one of the various homeless and self sufficiency assistance programs operating in the City of Redwood City. Prospective applicants must show willingness to pay and ability to partner in the construction of self-help ownership housing. Qualified applicants may not have owned nor had any ownership interest in any real property, whether or not such real property was the applicanYs primary residence, within the last five years. Peninsula Habitat for Humanity, Inc. will be required by the City to give preference to eligible households of five or more people for occupancy of 3 or more bedroom units to meet the City's Consolidated Plan goals of expanding the supply of affordable housing for large family households. 4. Income Affordabilitv and Occupancv Restriction In accordance with the provisions of the HOME Investment Partnership (HOME) Program, the ownership units built on this property shall be subject to HOME Program 1 . _ . _ ...._... .. _.__...�_.__.. . ._