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04/08/2013 <br /> ORIGINAL <br /> RESOLUTION NO. 15256 <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br /> AGREEMENT IN CONNECTION WITH THE ACQUISITION OF <br /> PROPERTY LOCATED AT 1033 REDWOOD AVENUE FOR SPECIAL <br /> NEEDS HOUSING <br /> (KAINOS HOME & TRAINING CENTER) <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 <br /> U.S. 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 /> WHEREAS, Kainos provides certain services through programs, including the <br /> program described in Exhibit "A" ("Program & Project Description"), attached hereto and <br /> made a part hereof; and <br /> WHEREAS, Kainos has applied for funding assistance under the HOME <br /> Program to acquire residential property located at 1033 Redwood Avenue in the City of <br /> Redwood City to be used to provide permanent supportive housing for very low income <br /> developmentally disabled adults; and <br /> WHEREAS, on April 8, 2013 the City Council of Redwood approved Four <br /> ATTY/RES0.2843/KAINOS—1033 REDWOOD AVE RESO.#15256 <br /> REV:03-28-13 VR MUFF#304 <br /> Page 1 of 2 <br />