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WHEREAS, Housing Hope, a Washington non-profit corporation ("Housing Hope" or an <br /> "Agency"), has applied to the City for HOME funds to conduct the rehabilitation of <br /> Kennedy Court Improvement Project, and has demonstrated capability to operate such <br /> a program effectively; and <br /> WHEREAS, the Agency has applied for HOME funds for the rehabilitation of an existing <br /> affordable housing project located in Everett, WA for the Project, to provide affordable <br /> rental housing to Snohomish County households with incomes at or below fifty percent <br /> (50%) of the area median income ("Very Low-Income"), and to serve very low-income <br /> families, at the real property located at 3228, 3230 and 3232 Norton Avenue, Everett, <br /> WA 98201 (hereinafter "the Premises"), legally described in Attachment 1 of Exhibit A <br /> attached hereto and incorporated herein by this reference; and <br /> WHEREAS, the City Council of the City of Everett by Resolution No.6850, approved the <br /> PY2015 Action Plan for HOME Investment Partnership Program (HOME) funds, <br /> including the Project; and <br /> WHEREAS, the City Council of the City of Everett by Resolution No.6931, approved an <br /> amendment to the Snohomish County 2015-2019 Consolidated Plan, reallocating an <br /> additional $145,000 of HOME Investment Partnership Program (HOME) funds to the <br /> Project; and <br /> WHEREAS, the Agency will be the borrower of City of Everett HOME funds and will <br /> own and operate the Project in conformance with the terms and conditions of this Loan <br /> Agreement; <br /> NOW, THEREFORE, in consideration of the mutual promises and agreements <br /> contained herein, the parties agree as follows: <br /> Amended HOME Loan Agreement <br /> Housing Hope's Kennedy Court Improvement Project <br /> Page 2 of 53 <br />