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Co. C -12 <br />J. WHEREAS, it is proposed that the Agency assistance <br />with respect to the Project consist of the provision of a loan (the <br />"Agency Assistance ") from the Agency's Housing Set -Aside funds in a <br />total amount not to exceed One Hundred Fifty Thousand Dollars <br />($150,000); and <br />R. WHEREAS, in consideration for granting the HOME <br />Funds and the Agency Assistance for the use of the proceeds <br />thereof, the Participating Owner has agreed to record a certain <br />Declaration of Affordability Covenants (the "Affordability <br />Covenants ") on the Property, which Affordability Covenants shall <br />provide that a certain twenty -four (24) units of the Project will <br />be made available to persons of low income earning fifty percent <br />(50 %) of Area Median Income or less, adjusted for family size <br />appropriate to the given unit, and the remaining forty -eight (48) <br />units will be made available to persons earning sixty percent (60 %) <br />of Area Median Income or less, adjusted for family size appropriate <br />to the given unit under the terms and conditions of this Agreement; <br />and <br />L. WHEREAS, in view of the benefits of the Project, the <br />Agency deems it desirable to use its housing set -aside funds for <br />the purposes of providing the Agency Assistance. <br />NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: <br />Section 1. Defined Terms; Incorporation of Recitals. <br />All terms not otherwise defined herein shall have the same meaning <br />as used in the CRL. The recitals are by this reference <br />incorporated herein and made a part of this Agreement. <br />Section 2. Public Purpose. The City, the Agency and <br />the Participating Owner agree that the completion of the Project <br />shall be undertaken for the common benefit of the parties hereto <br />and the residents of the City in order to eliminate blight within <br />the City and areas in or adjacent to the Project Area. The City <br />and the Agency have further concluded that the Project will <br />eliminate or prevent blight on the Property, and will provide an <br />affordable residential base to persons and households who may be <br />presently residing in or outside the Project Area. <br />Precedent. <br />Section 3. Public Assistance and Conditions <br />The HOME Funds and the Agency Assistance may from time to <br />time be collectively referred to herein as the "Public Assistance ". <br />3 <br />