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r <br /> CITY OF EVERETT & HOMESIGHT <br /> HOME and ADDI AGREEMENT <br /> This HOME and ADDI Agreement is made by and between City of Everett, a <br /> municipal corporation of the State of Washington (hereinafter "the City"), and <br /> HomeSight, a Washington non-profit corporation (hereinafter "the Agency"), and is <br /> dated as of May 9, 2007 (the "Agreement"). <br /> WHEREAS, the Federal Government has enacted the National Affordable Housing <br /> Act, which created the HOME Investment Partnerships Program ("HOME Program") <br /> administered by the United States Department of Housing and Urban Development <br /> ("HUD") through regulations at 24 Code of Federal Regulations ("CFR") Part 92 <br /> ("HOME Regulations"); and <br /> WHEREAS, the Federal Government has enacted the American Dream <br /> Downpayment Act, which created the American Dream Downpayment Initiative <br /> ("ADDI") as a component of the HOME Program through regulations at CFR Part 92 <br /> subpart M ("ADDI Regulations"); and <br /> WHEREAS, Snohomish County is a participating jurisdiction and provides annual <br /> block grants of HOME and ADDI funds from HUD under the HOME Program through <br /> a consortium agreement with the City of Everett; and <br /> WHEREAS, the City in turn awards portions of these HOME Program funds ("HOME <br /> funds") to public and private non-profit agencies ("subrecipients") for projects and <br /> programs to develop housing, rehabilitate housing, or otherwise assist in providing <br /> affordable housing to meet the needs of lower income households within the City <br /> limits of Everett or within the urban growth boundary; and <br /> WHEREAS, the City also awards ADDI funds ("ADDI funds") to subrecipients to <br /> assist low-income families achieve homeownership; and <br /> WHEREAS, the affordable housing needs which guide the City's distribution of these <br /> HOME and ADDI funds are identified and assessed in the City's HUD-mandated <br /> 2000-2004 and 2005-2009 Consolidated Plan for Housing and Community <br /> Development (the "Consolidated Plan"), which Consolidated Plan identifies <br /> homeownership opportunities for low-income families as one important housing need; <br /> and <br /> WHEREAS, the Agency has applied for HOME and ADDI funds to conduct a <br /> purchase assistance loan program for low income first-time homebuyers, as <br /> described in Exhibit A-1 hereto (the "Project"), and has demonstrated capability to <br /> operate such a program effectively; and <br /> HOME and ADDI Agreement between <br /> City of Everett and HomeSight <br /> 1 <br />