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1 <br /> AFFORDABLE HOUSING TRUST FUND AGREEMENT <br /> This Affordable Housing Trust Fund Agreement (the "AHTF Agreement" or the "Agreement") is <br /> entered into this day of , 2010, by and between Washington Home of Your <br /> Own, a Washington nonprofit corporation (the "Agency"), and The City of Everett, a Washington <br /> municipal corporation (the "City"), to undertake that certain housing project referred to as The <br /> Willows at Melvin Place (as more fully described in Exhibit A attached hereto and incorporated <br /> herein by this reference, the "Project"). <br /> RECITALS <br /> WHEREAS, the City has available in its Affordable Housing Trust Fund certain money to <br /> be used to support the acquisition, construction or rehabilitation of housing projects or units <br /> within housing projects that are affordable to persons with income at or below fifty percent <br /> (50%) of the area median income ("Very Low-Income"); and <br /> WHEREAS, the Agency owns certain real property located at 2504 Melvin Avenue, <br /> Everett, WA 98203, more fully described in Attachment 1 to Exhibit A attached hereto and <br /> incorporated herein by this reference (the "Premises" or the "Property"); and <br /> WHEREAS, the proceeds of the Loan (hereinafter defined) to be made pursuant to this <br /> AHTF Agreement will be used by the Agency to repay interim financing used by the Agency to <br /> purchase the Property and to pay a part of the costs of development and construction of the <br /> Project; and <br /> WHEREAS, simultaneously with the closing on the Loan, the Agency intends to convey <br /> the Property to The Willows at Melvin Place, a Washington non-profit corporation formed by the <br /> Agency (the "Owner"); and <br /> WHEREAS, the Agency shall cause the Owner to construct and operate on the <br /> Property, with the Owner's separate funds, seven (7) units of affordable housing for Very Low- <br /> Income individuals who have been diagnosed with chronic mental illness, physical or <br /> developmental disabilities and/or co-occurring disorders requiring the provision of supportive <br /> services and one (1) unit for the resident manager on a continuous, uninterrupted basis for forty <br /> (40) years from the date the project certificate of occupancy is issued; and <br /> WHEREAS, by Resolution No. 6173, passed August 12, 2009, the City of Everett <br /> Council authorized funding from the 2060 Affordable Housing Trust Fund for the Project in the <br /> amount of Ninety Thousand Dollars ($90,000); <br /> NOW, THEREFORE, in consideration of the mutual promises and agreements contained <br /> herein, the parties agree as follows: <br /> City of Everett <br /> AHTF Agreement <br /> 6 Washington Home of Your Own <br /> Page 1 of 15 <br />