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HOPEWORKS STATION RESIDENTIAL LOAN AGREEMENT <br /> HOME <br /> This HopeWorks Station Loan Agreement (the "Loan Agreement') is made by and between City <br /> of Everett, a municipal corporation of the State of Washington and the HOME Investment <br /> Program Consortium Participant, (hereinafter "the City'); Housing Hope Properties, a <br /> Washington non-profit corporation (hereinafter the "Agency"); <br /> WHEREAS, the federal government has enacted the National Affordable Housing Act, which <br /> created the HOME Investment Partnerships Program ("HOME Program") administered by the <br /> United States Department of Housing and Urban Development ("HUD") through regulations at 24 <br /> Code of Federal Regulations ("CFR") Part 92 ("HOME Regulations"); and <br /> WHEREAS, the County is a participating jurisdiction and receives annual block grants of funds <br /> from HUD under the HOME Program; and <br /> WHEREAS, Snohomish County and the City, a municipal corporation of the State of <br /> Washington, have entered into a HOME Consortium Interlocal Agreement Among Snohomish <br /> County, City of Everett and City of Marysville for Program Years 2012 Through 2014, dated <br /> September 2, 2011, as renewed and amended via Amendment 1 in 2014, with the County as the <br /> Representative Member of the Consortium, and with the Interlocal Agreement periodically <br /> renewed, including under the Snohomish County HOME Consortium for Program Years 2018- <br /> 2020; and <br /> WHEREAS, the City in turn awards portions of these HOME Program funds ("HOME funds") to <br /> public and private non-profit agencies ("owners, developers and sponsors") for projects and <br /> programs to develop housing, rehabilitate housing, or otherwise assist in providing affordable <br /> housing to meet the needs of lower income families in the City and the Urban Growth Area; and <br /> WHEREAS, the affordable housing needs that guide the City's distribution of these funds are <br /> identified and assessed in the County's HUD-mandated 2015-2019 Consolidated Plan for <br /> Housing and Community Development (the "Consolidated Plan"), which Consolidated Plan <br /> identifies rental housing opportunities for households with incomes at or below 80% of the area <br /> median income ("Low-Income") as an important housing need; and <br /> WHEREAS, the Agency, as a HOME Program sponsor and owner, applied for HOME funds for <br /> the purpose of acquisition, costs related to payment of loans, development and new construction <br /> of the HopeWorks Station Residential project to provide affordable rental housing to Snohomish <br /> County households with incomes at or below thirty and fifty percent of the area median incomes, <br /> with Sixty-five (65) units located at 3315 Broadway, Everett WA 98201 ("HopeWorks Station"), <br /> legally described in Attachment 1 attached hereto and incorporated herein by this reference, ("the <br /> Property"); and <br /> WHEREAS, the Snohomish County Council by Motion No.17-121, approving the PY2017 Action <br /> Plan for the HopeWorks Station project, located in Everett, WA; and <br /> WHEREAS, the Agency will be the Borrower of the City's portion of HOME funds, and the Agency <br /> will subsequently, simultaneously assign its interest and obligations in this HOME Loan at closing <br /> to HopeWorks Station Residential LLLP, a Washington limited liability limited partnership, (the <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 1 of 51 <br />