Agmt10 Kainos Home & Training Center

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EXHIBIT B PROGRAM SERVICES Agreement with Kainos Home & Training Center Funding for Property Acquisition 1122 Valota Road, Redwood City, California APN # 058 - 214 -320 A. ACTIVITIES 1. Acquisition and Use With the City Funds provided under this Agreement, and funds to be deposited by Kainos hereunder, Kainos shall acquire the property at 1122 Valota Road, in the incorporated limits of Redwood City, California ( "Property "). Kainos shall provide a cash deposit of approximately $675,000 plus sufficient funds for non- recurring escrow fees and buyer's share of closing costs in order to consummate the purchase and sale at a purchase price of $1,075,000.00 within 90 days from the date of this Agreement. Kainos' failure to close escrow for purchase of the Property within such 90 -day period for any reason shall constitute grounds for City's termination of the Agreement in accordance with Paragraph 18 thereof. Upon completion of this acquisition, Kainos shall provide sufficient funding, staffing, operations and maintenance to provide and sustain for a period of 55 years, special needs adult housing for extremely low income, developmentally - disabled individuals on the Property. Kainos shall rent six of the bedrooms in the Dwelling on the Property to Qualified Persons, as defined in subparagraph 4 below at an affordable rent ( "Affordable Bedrooms "), as more fully set forth in the Declaration of Affordability Covenants. 2. Marketing Kainos shall select occupants from a pool of eligible applicants referred through the Golden Gate Regional Center no later than the date on which the Affordable Bedrooms become available. Every effort shall be made to give first preference for occupancy of an Affordable Bedroom to existing Kainos residents who require additional assistance and services to meet their personal, social and daily living skills needs. These additional needs could be related to a decline in functioning related to age -based disabilities or could be based on the progression of an existing disability. 3. Income Affordability and Occupancy Restriction In accordance with the provisions of the Community Development Block Grant (CDBG) and HOME Investment Partnership (HOME) Programs, the housing provided on the Property shall be subject to CDBG and HOME Program requirements and shall be occupied by Qualified Person(s) at all times. As used in this Agreement, a Qualified Person(s) is a person meeting all of the following criteria: Exhibit B Page 1 of 5