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2. That the Redevelopment Agency Board and City Council authorize City <br />Manager and Redevelopment Manager to execute an Owner Participation <br />Agreement (OPA) with KDF Communities in substantially the form attached, <br />allocating $500,000.00 of 2002-2003 and 2003-2004 HOME funds and <br />$150,000.00 in Redevelopment Housing funds to Hallmark Apartments for the <br />acquisition of 72 units to be made affordable to Iow and very Iow income persons <br /> <br />3. That the Redevelopment Agency Board and City Council authorize City <br />Manager and Redevelopment Manager to execute a subordination agreement <br />presented by Fannie Mae as a participating lender in this acquisition. <br /> <br />The motion passed by a majority roll call vote, with Council Member Ruskin <br />voting no. <br /> <br />Patricia Howe <br />Redevelopment Agency Secretary <br /> <br /> <br />