Agmt97 CDBG Pen. Habitat for Hu - Laserfiche WebLink

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Agreement with Peninsula Habitat for Humanity Funding for Property Acquisition Exhibit A PROGRAM SERVICES A. ACTIVITIES 1. Assi,qnment and Transfer of A,qreement Notwithstanding Paragraph 7 herein, this Agreement may be assigned by Contractor to and be assumed by a very Iow-income household (hereinafter called "Beneficiary") provided that very Iow 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 vacant land ("Project') at 201 McEvoy incorporated Redwood City. Contractor shall deposit $31,000 plus sufficient fees for non recurring escrow fees in order to complete this sale at a purchase price of $131,000 for vacant land. Upon completion of this acquisition, Contractor shall provide sufficient funding and labor to build a three bedroom, two-bath single family dwelling on the subject property. Contractor shall sell said dwelling to an eligible and qualified "Beneficiary" at a purchase price not to exceed $135,000. 3. Marketin,q Contractor shall select first time homebuyer from a pool of applicants residing in the incorporated limits of the City of Redwood City.. 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 homelessness 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 applicant's primary residence, within the last five years. Preference will be given to eligible households of five or more people to meet the City's goal of expanding the supply of affordable housing for large family households who are Iow income.