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6.1.G. - Page 3 <br /> AGREEMENT <br /> HIP HOUSING DEVELOPMENT CORPORATION (HHDC) <br /> (Willow Road Apartments Rehabilitation) <br /> HOME INVESTMENT PARTERSHIP ACT (HOME) <br /> COMMUNITY HOUSING DEVELOPMENT ORGANIZATION (CHDO) <br /> SET ASIDE FUNDS <br /> THIS AGREEMENT, made and entered into this day of <br /> 2013, by and between the CITY OF REDWOOD CITY, a charter city and municipal <br /> corporation of the State of California ("City") and HIP HOUSING DEVELOPMENT <br /> CORPORATION (HHDC), a California nonprofit Community Housing Development <br /> Organization ("Contractor"; collectively the "Parties"). <br /> WITNESSETH: <br /> WHEREAS, pursuant to Section 24 of the Code of Federal Regulations (CFR), <br /> Part 92.300 for the HOME Investment Partnership Act (HOME), within 24 months after <br /> the U.S. Department of Housing & Urban Development (HUD) notifies the participating <br /> jurisdiction of HUD's execution of the HOME Agreement, the participating jurisdiction <br /> must reserve not less than 15% of the HOME allocation for investment only in housing <br /> to be developed, sponsored, or owned by certified CHDO's; and <br /> WHEREAS, the funds are reserved when a participating jurisdiction enters into a <br /> written agreement with CHDO; and <br /> WHEREAS, in consideration for providing the HOME funds for the use of the <br /> proceeds thereof, the CHDO has agreed to record a certain Declaration of Affordability <br /> Covenants in the form attached hereto as Exhibit "B" (the "Affordability Covenants") on <br /> the Property, which Affordability Covenants shall provide that three (3) units of the <br /> Project will be HOME-assisted. and restricts household incomes and rents of HOME- <br /> ATTY/AGR/2013.022/FUNDING AGR FOR WILLOW ROAD APARTMENTS REHABILITATION PROJECT <br /> REV:02-15-13 VR <br /> Page 1 of 35 <br />