Cocoon House 4/19/2018 - Laserfiche WebLink

COLBY AVENUE YOUTH CENTER HOME LOAN AGREEMENT This Colby Avenue Youth Center HOME Loan Agreement (the "Loan Agreement') is made by and between City of Everett, a municipal corporation of the State of Washington and the HOME Investment Program Consortium Participant, (hereinafter "the City"); and Cocoon House, a Washington non-profit corporation (hereinafter the "Agency'); 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, Snohomish County ("the County) is a participating jurisdiction and receives annual allocations of funds from HUD under the HOME Program; and WHEREAS, the County and the City have entered into a HOME Consortium Interlocal Agreement among the County, the City and the City of Marysville For Program Years 2012 Through 2014, dated September 2, 2011, as renewed and amended via Amendment 1 in 2014, with the County as the Representative Member of the Consortium, and with the Interlocal Agreement periodically renewed, including under the Snohomish County HOME Consortium for Program Years 2018- 2020; and WHEREAS, the City in turn awards portions of these HOME Program funds ("HOME funds") to public and private non-profit agencies ("owners, developers and sponsors") 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 the Urban Growth Boundary; and WHEREAS, the affordable housing needs that guide the City's distribution of these funds are identified and assessed in the County's HUD-mandated 2015-2019 Consolidated Plan for Housing and Community Development (the "Consolidated Plan"), which Consolidated Plan identifies rental housing opportunities for households with incomes at or below 80% of the area median income ("Low-Income") as an important housing need; and WHEREAS, the Agency applied for HOME funds for the purpose of acquisition, costs related to payment of loans, and/or development and new construction of the Colby Avenue Youth Center project to provide affordable rental housing to homeless Snohomish County youth and young adults with incomes at or below thirty percent of the area median incomes with forty (40) units located at 3530 Colby Avenue, Everett WA 98201 ("Colby Avenue Youth Center"), legally described in Attachment 1 attached hereto and incorporated herein by this reference, ("the Property"); and WHEREAS, the City Council approved Resolution 7118 designating HOME funds from the PY2016 and PY2017 for the Colby Avenue Youth Center project, located in Everett, WA; and Loan Agreement Cocoon House Page 1 of 51