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AMENDED AGREEMENT WITH HOUSING ASSOCIATION FOR THE NEEDY <br />AND DISPOSSESSED, INC. (HAND) TO REHABILITATE REDWOOD OAKS <br />APARTMENTS <br /> AT 330-340 REDWOOD AVENUE <br /> <br /> THIS AMENDED AGREEMENT, made and entered into this __ day of <br /> ,2002, by and between the CITY OF REDWOOD CITY, a <br />municipal corporation of the State of California, ("City") and HOUSING <br />ASSOCIATION FOR THE NEEDY AND DISPOSSESSED, INC., A NON-PROFIT <br />COMMUNITY DEVELOPMENT HOUSING ORGANIZATION, ("Contractor"). <br /> <br /> WITNESSETH: <br /> <br /> WHEREAS, pursuant to Section 24 of the Code of Federal Regulations, Part 92 <br />for the HOME Investment Partnership Program (HOME), funding assistance may be <br />used to fund eligible activities to be carried out by private non-profit entities or public <br />agencies which are duly organized to undertake affordable ownership housing <br />development; and <br /> <br /> WHEREAS, the City Council of City has previously approved an agreement <br />entitled, "Agreement with Housing Association for the Needy and Dispossessed, Inc. <br />(HAND), a Non-Profit CHDO for Funding to Rehabilitate Redwood Oaks Apartments at <br />330-340 Redwood Avenue" providing Contractor with a loan in the amount of One <br />Hundred Fifty Three Thousand One Hundred Forty-Four and NO/100 Dollars <br />($153,144.00) to rehabilitate the Building. Approval by City is evidenced by Resolution <br />No. 14036, adopted September 11, 2000; and <br /> <br /> WHEREAS, the City's Consolidated Plan and Housing Element goals include <br />expanding the supply of affordable ownership housing for Redwood City households; <br />and <br /> <br /> WHEREAS, Contractor has applied for additional funding assistance under the <br />HOME Program to rehabilitate Redwood Oaks Apartments at 330-340 Redwood Avenue <br />in the City of Redwood City (the "Property"); and <br /> <br /> WHEREAS, the following exhibits are attached hereto and incorporated by <br />reference herein: <br /> <br /> Exhibit A: Program Services <br /> Exhibit B: Promissory Note <br /> Exhibit C: Deed of Trust <br /> <br /> 12/17/01 -1- <br /> <br /> <br />