2007/12/05 Council Agenda Packet

CITY OF EVERETT HOME LOAN AGREEMENT ("HOME Agreement") This HOME Agreement is made by and between City of Everett, a political subdivision of the State of Washington (hereinafter "the City"), and Senior Services of Snohomish County, a Washington limited partnership (hereinafter "the Agency") and is dated as of November 21, 2007 (the "HOME Agreement" or the "Agreement"). WHEREAS, the Federal Government has enacted the National Affordable Housing Act, which created the HOME Investment Partnerships Program ("HOME Program") administered by the United States Department of Housing and Urban Development ("HUD") through regulations at 24 Code of Federal Regulations ("CFR") Part 92 ("HOME Regulations"); and WHEREAS, the City is a participating jurisdiction and receives funds from HUD under the HOME Program; and WHEREAS, the City in turn awards portions of these HOME Program funds ("HOME funds") to for profit and nonprofit housing owners, sponsors and developers for projects and programs to develop housing, rehabilitate housing, or otherwise assist in providing affordable housing to meet the needs of lower income families throughout the City; and WHEREAS, the Agency has applied for HOME funds to be used architecture and engineering expenses for certain real property (hereinafter "the Premises") located at 10915 16th Ave SE, Everett, WA, 98208, Everett, Washington and commonly known as Silver Woods Apartments, to provide affordable housing to low income residents of the City of Everett; and WHEREAS, the City has approved the decision to award HOME 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 City hereby agrees, for the purpose of providing rental housing for low income households to loan to the Agency HOME funds in the amount of $100,000.00 upon the following terms and conditions. A. Designation The Agency agrees to undertake the Project in accordance with the budget provided the City and to use the HOME funds provided hereunder. The Project description, budget and schedule are described in attached as Attachment A hereto. The undertaking of the Project shall be in full accord with the HOME Investment Partnerships Program (hereinafter "Program") Project within the HOME Investment Partnerships Act of 1990, as now or hereafter amended (hereinafter the "Act"). The Agency agrees to comply fully with all applicable Federal, State, - 1 - 3 '‘;