2007/05/16 Council Agenda Packet

• r w) amended. The sum of said subgrant or any amendments thereto may only be expended in accordance with the budget in Attachment B hereto, which is incorporated herein by this reference, as may hereafter be amended (the "Project Budget"). The funds will be used to provide purchase assistance for single family housing for low-income (at or below 80% of the area median income) first time homebuyers in Snohomish County. The homes must be the principal residence of the homebuyer. The Agency shall manage the Project so that Project activity costs do not exceed the Project Budget. Further, the Agency shall absorb all costs in excess of the authorized subgrant amount. C. Allocation of Funds The subgrant to the Agency shall be comprised of the following amounts: $91,229 in 2003 HOME funds $72,559 in 2004 HOME funds $31,563 in 2003 ADDI funds for federal FY 2003 ("the 2003 ADDI funds") $37,246 in 2004 ADDI funds for federal FY 2004 ("the 2004 ADDI funds") $21,238 in 2005 ADDI funds for federal FY 2005 ("the 2005 ADDI funds") $10,598 in 2006 ADDI funds for federal FY 2006 ("the 2006 ADDI funds") The Agency will allocate and account separately for the HOME and ADDI funds. ADDI funds have unique requirements: 1) available for first-time homebuyers only; 2) activities limited to downpayment assistance for 2003 ADDI funds and downpayment and rehabilitation assistance for 2004 ADDI funds; 3) 2004 ADDI funds are limited to the greater of $10,000 or 6% of the purchase price; 4) 2003 ADDI funds have a match requirement and 2004 ADDI funds do not; and 5) 2003 ADDI funds are subject to the Uniform Relocation Act and 2004 ADDI funds are not. D. Notice to Proceed The City shall furnish the Agency with a written Notice to Proceed upon mutual signing of the Agreement related to the Project pursuant to 24 CFR Part 58. No work on the Project prior to the Notice to Proceed shall occur without written approval from the City. o HOME and ADDI Agreement between City of Everett and HomeSight 3