2007/05/16 Council Agenda Packet

t-' WHEREAS, the City of Everett has approved the decision to award HOME and ADDI funds to the Agency for said program; NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties agree as follows: I. GENERAL AGREEMENT The Agency hereby agrees to receive and utilize ADDI funds in the amount of One Hundred Thousand Six Hundred Forty Five Dollars ($100,645.00) and HOME funds in the amount of One Hundred Sixty Three Thousand Seven Hundred Eight Dollars ($163,788.00) allocated by the City to provide homeownership purchase assistance to qualified homebuyers in accordance with the terms of the 2000-2004 and 2005- 2009 Consolidated Plan, which Consolidated Plans are incorporated herein by this reference. Failure to comply with any of the terms and conditions of this Agreement may lead to suspension or termination of HOME and ADDI funding to the Agency. A. Designation Contingent upon release of funds from HUD, the Agency expressly agrees to undertake, as a HOME and ADDI subrecipient, that certain homeownership purchase assistance project referred to as HomeSight First Time Homebuyers Assistance HOME 2003 #2; 2004 #1 and ADDI 2003 #2; ADDI 2004 #2; ADDI 2005 #3; and ADDI 2006 #1 and more fully described in Attachment A hereto, Project Description, which is incorporated herein by this reference (the "Project"). Section I—G hereof and Attachment A hereto also contain a schedule for completing the tasks required by this Agreement. The undertaking of the Project shall be in full accord with the HOME Investment Partnerships Act of 1990, 42 U.S.C. § 12701 et seq., as now or hereinafter amended, including the amendments made by the American Dream Downpayment Act, 42 U.S.C. § 12821 et seq., and rules and regulations promulgated thereunder. The Agency agrees to comply fully with all applicable Federal, State, and local laws, ordinances, and regulations in activities funded in whole or in part with funds provided through this Agreement and in carrying out the Project in accordance with Attachment A and with any other terms of this Agreement. B. Subgrant Subject to the provisions of Section I—C hereof, the Agency is hereby allotted through a subgrant the sum of ADDI funds in the amount of One Hundred Thousand Six Hundred Forty Five Dollars ($100,645.00) and HOME funds in the amount of One Hundred Sixty Three Thousand Seven Hundred Eight Dollars ($163,788.00) for the full undertaking and performance of the Project. The subgrant may be amended from time to time in any manner described elsewhere in this Agreement, so long as the same remains consistent with the object of Attachment A, as now or hereafter HOME and ADDI Agreement between City of Everett and HomeSight 2 0]