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ORIGINAL <br /> AGREEMENT WITH CEDAR STREET APARTMENTS, INC. <br /> FOR <br /> COMMUNITY HOUSING DEVELOPMENT ORGANIZATION <br /> (CHDO) HOME SETASIDE FUNDS <br /> THIS GREEMENT, made and entered into this day of <br /> f ,, y , , 2010, by and between the CITY OF REDWOOD CITY, a charter <br /> city and nic pal corporation of the State of California ( "City "), and Cedar Street <br /> Apartments, Inc., a California Community Development Housing Organization <br /> ("CHDO"). <br /> WITNESSETH: <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 Tess than 15% of the HOME allocation for <br /> investment only in housing to be developed, sponsored, or owned by Community <br /> Development Housing Organizations; and <br /> WHEREAS, the funds are reserved when a participating jurisdiction enters into a <br /> written agreement with the community housing development organization; and <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 /> WHEREAS, up to 10% 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 /> WHEREAS, 24CFR Part 92.208 up to 5% 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 /> 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 /> WHEREAS, Cedar Street Apartments, Inc, a non profit organization, has <br /> qualified as a Community Development Housing Organization pursuant to HUD rules, <br /> ATTY /AG R/2010.064 1 <br /> 072910 <br />