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4 <br /> 9 <br /> American Dream Downpayment Initiative ("ADDI") Agreement <br /> This ADDI Agreement is made by and between Snohomish County, a political subdivision of the <br /> State of Washington (hereinafter "the County"), and the City of Everett, a municipal corporation <br /> of the State of Washington (hereinafter "the Agency"), and is dated as of <br /> 2006 (the "Agreement"). <br /> WHEREAS, the Federal Government has enacted the American Dream Downpayment Act, <br /> which created the American Dream Downpayment Initiative ("ADDI") authorized by the National <br /> Affordable Housing Act and the HOME Investment Partnerships Program ("HOME Program") <br /> administered by the United States Department of Housing and Urban Development ("HUD") <br /> through regulations at 24 Code of Federal Regulations ("CFR") Part 92 ("HOME Regulations"); <br /> and <br /> WHEREAS, the County is a participating jurisdiction and receives annual block grants of ADDI <br /> funds from HUD under the HOME Program; and <br /> WHEREAS, the County in turn awards portions of these ADDI funds ("ADDI funds") to public <br /> and private non-profit agencies ("subrecipients") for downpayment assistance toward the <br /> purchase of single family housing by low-income households who are first-time homebuyers; <br /> and <br /> WHEREAS, the affordable housing needs which guide the County's distribution of these ADDI <br /> funds are identified and assessed in the County's HUD-mandated 2000-2004 Consolidated <br /> Plan for Housing and Community Development and 2005-2009 Consolidated Plan for Housing <br /> and Community Development (collectively, the "Consolidated Plans"), which Consolidated Plans <br /> identify homeownership opportunities for low-income families as one important housing need; <br /> and <br /> WHEREAS, on June 26, 2002, the County and the Agency executed an Interlocal Cooperation <br /> Agreement to form a consortium for federal fiscal years 2003 through 2005 for the HOME <br /> Program and, on June 29, 2005, executed an Interlocal Cooperation Agreement to form a <br /> consortium for federal fiscal years 2006 through 2008 for the HOME Program; and <br /> WHEREAS, the Agency has requested ADDI funds to conduct a downpayment assistance loan <br /> program for low income first-time homebuyers, and has demonstrated capability to operate <br /> such a program effectively; and <br /> WHEREAS, the Snohomish County Council and HUD have approved the decision to award <br /> ADDI funds to the Agency for said program; <br /> NOW, THEREFORE, in consideration of the mutual promises and agreements contained <br /> herein, the parties agree as follows: <br /> 0 <br /> ADDI Agreement between Page 1 of 23 <br /> City of Everett and Snohomish County <br />