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EXHIBIT B <br /> STATEMENT OF WORK <br /> EVERETT — COMMUNITY HOUSING IMPROVEMENT PROGRAM <br /> PROJECT DESCRIPTION <br /> The Agency operates the Everett- Community Housing Improvement Program <br /> ("CHIP"). Pursuant to this Agreement, under its CHIP program, the Agency will <br /> provide HOME-assisted low-interest loans to low-income homeowners to <br /> rehabilitate their homes within the corporate limits of the Agency and the <br /> Agency's Urban Growth Area. The purpose of the program is to assist low- <br /> income homeowners to remain in their homes and to help maintain the current <br /> affordable housing stock in decent, safe, and sanitary condition. <br /> II. SERVICES PROVIDED <br /> A. The proceeds of the subgrant under this Agreement will be used to provide <br /> home rehabilitation loans under the Agency's CHIP program in accordance <br /> with the provisions of this Agreement, including but not limited to, the project <br /> requirements in Section III of Exhibit A and this Exhibit B. <br /> B. The HOME loans provided will be in the form of deferred payment non- <br /> amortizing home rehabilitation loans for terms of fifteen to twenty-five years <br /> that accrue at three percent per annum simple interest. Loan amounts <br /> typically range between $2,500 and $100,000, with an estimated average <br /> loan of $45,000. Loan terms and payments shall be as set forth in the <br /> Agency's Community Housing Improvement Program Operating Procedures <br /> Manual, dated October 2012, and as subsequently amended with notice <br /> provided to the County. <br /> C. To carry out the Project, the Agency shall maintain a technical staffing <br /> function which provides direct program support. This technical staffing <br /> function shall include HOME eligibility determination, inspection of homes to <br /> identify critical health and safety deficiencies and other needed rehabilitation <br /> work, preparation of work write ups, assisting homeowners in soliciting <br /> general and trade contractors, oversight of construction progress, ensuring <br /> work is performed to required property standards, and completing loan <br /> underwriting and debt service functions. <br /> III. PROGRAM GOALS <br /> A. A total of nine homes are estimated to be rehabilitated, pursuant to the <br /> subgrant made under this Agreement and estimated HOME Program Income <br /> to be available, at an estimated average cost of $45,000 per home. Actual <br /> Exhibit B <br /> HCS-16-42-1601-198 <br /> City of Everett <br /> Page 1 of 2 <br />