Laserfiche WebLink
ORIGINAL <br /> AGREEMENT WITH KAINOS HOME & TRAINING CENTER FOR <br /> FUNDS TO ACQUIRE 1033 REDWOOD AVENUE <br /> THIS AGREEMENT, made and entered into this �day of �, <br /> , <br /> 2013, by and between the CITY OF REDWOOD CITY, a charter city and municipal <br /> corporation of the State of California ("City") and KAINOS HOME & TRAINING <br /> CENTER (Kainos), a California nonprofit organization ("Contractor"; collectively the <br /> "Parties"). <br /> WITNESSETH: <br /> WHEREAS, pursuant to Section 24 of the Code of Federal Regulations, Part 92 <br /> for the HOME Investment Partnership Program (HOME), within 24 months after the U.S. <br /> Department of Housing & Urban Development (HUD) notifies the participating <br /> jurisdiction of HUD's execution of the HOME Grant Agreement, the participating <br /> jurisdiction must commit funds to eligible activities to be carried out by private non-profit <br /> entities, certain for profit entities or public agencies which are duly organized to <br /> undertake affordable housing development services; and <br /> WHEREAS, in consideration for providing the HOME funds or the use of the <br /> proceeds thereof, Kainos 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 the Project will be HOME- <br /> assisted and restricts income and rent of the HOME- assisted unit such that this Project <br /> remain continuously affordable to very low and low income persons for specified period <br /> of time; and <br /> WHEREAS, the City's Consolidated Plan and Housing Element goals include <br /> expanding the supply of affordable housing; and <br /> ATTY/AGR/2013.043/KAINOS-1033 REDWOOD AVE <br /> REV:03-28-13 VR <br /> Page 1 of 34 <br />