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��6�����°;_�u <br /> AGREEMENT <br /> HIP HOUSING DEVELOPMENT CORPORATION (HHDC) <br /> (Oxford 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 /> 2015, by and between the CITY OF REDWOOD CITY, a charter city and municipal <br /> corporation of the State of Califomia ("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 Community Housing Development <br /> Organizations ("CHDO's"); and <br /> WHEREAS, the funds are reserved when a participating jurisdiction enters into a <br /> written agreement with a CHDO; and <br /> WHEREAS, in consideration for providing the HOME funds for the use of the <br /> proceeds thereof, the Contractor has agreed to record a certain Declaration of <br /> Affordability Covenants in the form attached hereto as Exhibit "6" (the "Affordability <br /> Covenants") on the Property, which Affordability Covenants shall provide that three (3) <br /> units of the Project will be HOME-assisted. and restricts household incomes and rents <br /> ATTY/AGR/2015.165/HHDC Oxford Apts Rehabilitation <br /> REV:08-13-15 RL <br /> Page 1 of 35 <br />