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9 <br /> Attachment A <br /> Project Description <br /> The City of Everett will receive a setaside of American Dream Downpayment Initiative ("ADDI") <br /> funds to provide funds for downpayment assistance for low-income (at or below 80% of area <br /> median income) first time homebuyers. Potential homebuyers must meet the requirements set <br /> forth in Section III-C-3 of this Agreement in order to qualify for the program. <br /> ADDI has different requirements for Fiscal Year 2003 and Fiscal Years 2004 to 2006, some of <br /> which are outlined in the ADDI Agreement. The City will subcontract ADDI funds to qualified <br /> subrecipients. <br /> The City will receive a total of $100,645 of ADDI funds from the following fiscal year allocations: <br /> Fiscal Year 2003 $31,563 <br /> Fiscal Year 2004 $37,246 <br /> Fiscal Year 2005 $21,238 <br /> Fiscal Year 2006 $10,598 <br /> ADDI Agreement between A - 1 <br /> City of Everett and Snohomish County - 9 <br />