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<br />ORIGINAL <br /> <br />AGREEMENT <br /> <br />HIP HOUSING DEVELOPMENT CORPORATION <br /> <br />CHDO Predevelopment Assistance to New Construction Supportive Housing Development <br /> <br />THIS AGREEMENT, made and entered into this ..:3/.sr day of <br /> <br />"- ~,~ <br /> <br />, 2006, by and between the CITY OF REDWOOD CITY, a Municipal <br /> <br />Corporation of the State of California ("City") and HIP HOUSING DEVELOPMENT <br /> <br />CORPORATION (HHDC), a California nonprofit corporation ("Contractor") and a <br /> <br />qualified Community Housing Development Organization (CHDO). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, pursuant to Section 24 of the Code of Federal Regulations, Part 92 <br /> <br />for the HOME Investment Partnership Program (HOME), funding assistance may be <br /> <br />used to fund eligible activities to be carried out by private non-profit entities or public <br /> <br />agencies which are duly organized to undertake affordable housing program <br /> <br />development; and <br /> <br />WHEREAS, Section 24 CFR Part 92.208 requires the City to make available <br /> <br />funds to a Community Housing Development Organization (CHDO) for affordable <br /> <br />housing activities; and <br /> <br />WHEREAS, Contuctor has increased capacity to develop affordable housing <br /> <br />including application for financing, predevelopment and loan closing experience; and <br /> <br />WHEREAS, the affordable housing developments serving special needs <br /> <br />ATTY/AGR/2006,051 <br />081606 <br /> <br />1 <br />