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<br />ORIGINAL <br /> <br />AGREEMENT WITH CEDAR STREET APARTMENTS, INC. <br />FOR <br />COMMUNITY HOUSING DEVELOPMENT ORGANIZATION <br />(CHDO) HOME SETASIDE FUNDS <br /> <br />GREEMENT, made and entered into this ~day of <br />, 2009, by and between the CITY OF REDWOOD CITY, a charter <br />city nd munici al corporation of the State of California ("City"), and Cedar Street <br />Apartments, I c., a California Community Development Housing Organization <br />("CHDO"). <br /> <br /> <br />WITNESSETH: <br /> <br />WHEREAS, pursuant to Section 24 of the Code of Federal Regulations (CFR), <br />Part 92.300 for the HOME Investment Partnership Program (HOME), within 24 months <br />after the U.S. Department of Housing & Urban development notifies the participating <br />jurisdiction of HUD's execution of the HOME Investment Partnerships Agreement, the <br />participating jurisdiction must reserve not less than 15010 of the HOME allocation for <br />investment only in housing to be developed, sponsored, or owned by Community <br />Development Housing Organizations; and <br /> <br />WHEREAS, the funds are reserved when a participating jurisdiction enters into a <br />written agreement with the community housing development organization; and <br /> <br />WHEREAS, the participating jurisdiction determines the form of assistance as a <br />grant or loan that the CHDO receives and whether any proceeds must be returned to <br />the participating jurisdiction; and <br /> <br />WHEREAS, up to 10010 of the HOME funds reserved under this section may be <br />used for activities to determine project feasibility including consulting fees, costs of <br />preliminary financial applications, legal fees, architectural fees, engineering fees, <br />engagement of a development team, option to acquire property, site control and site <br />clearance; and <br /> <br />WHEREAS, 24CFR Part 92.208 up to 5010 of the HOME entitlement funds <br />received by a Participating Jurisdiction may be awarded to the CHDO for reasonable <br />and necessary operating expenses; and <br /> <br />WHEREAS, the City and Agency's Consolidated Plan and Housing Element <br />goals include expanding the supply of affordable housing for persons with disabilities; <br />and <br /> <br />WHEREAS, Cedar Street Apartments, Inc, a non profit organization, has <br />qualified as a Community Development Housing Organization pursuant to HUD rules, <br />and proposes to sponsor construction and own 15 units of supportive housing for <br />individuals with mental health disabilities; and <br /> <br />ATTY/AGR/2009.001 <br />020409 <br /> <br />1 <br />