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City of Everett <br /> 2020 2060 Agreement <br /> City of Everett <br /> 2060 Housing Trust Fund Agreement <br /> This 2060 Housing Trust Fund Agreement(the "HTF Agreement" or the "Agreement") by and between <br /> Interfaith Association of Northwest Washington (hereinafter "the Grantee")and the City of Everett <br /> (hereinafter"the City") operations of a homeless family shelter (hereinafter"the Project"). <br /> RECITALS: <br /> A. The Grantee is a non-profit corporation organized and existing under the laws of the State of <br /> Washington. <br /> B. The City is a municipal corporation of the State of Washington. <br /> C. The City has available in its 2060 Housing Trust Fund certain money to be used to support housing <br /> projects or units within housing projects that are affordable to Very Low-Income persons. "Very Low- <br /> Income" means gross annual household income (at the time of initial occupancy) is not more than <br /> fifty percent (50%) of the annual median income for the Seattle-Bellevue-Everett metropolitan <br /> statistical area, adjusted for household size, as estimated from time to time by the U.S. Department <br /> of Housing& Urban Development(HUD). <br /> D. The Grantee desires to use 2060 funds for operations for its homeless family shelter located at 2520 <br /> Cedar Street, Everett,WA to provide housing to homeless and very low-income persons.The Grantee <br /> and the City desire that the Grantee's homeless family shelter be used for the provision of emergency <br /> housing to homeless families. <br /> E. By Resolution No. 7574, the City Council of the City of Everett authorized funding from the 2060 <br /> Housing Trust Fund for the Project, in an amount not to exceed $50,625.00 <br /> NOW,THEREFORE, in consideration of their mutual promises herein contained, the parties hereto agree <br /> as follows: <br /> I. GRANT TERMS <br /> A. The Grant <br /> F. The Grantee is hereby provided a grant in the amount of $ 50,625.00 (the Grant). This <br /> grant shall be considered a grant. The Grantee will receive payment on a reimbursement <br /> basis for eligible operation expenditures for the homeless family shelter operated by the <br /> Grantee. <br /> 1 <br />