HopeWorks Station Residential 5/1/2018

EXHIBIT A PROJECT DESCRIPTION HOPEWORKS STATION RESIDENTIAL I. PROJECT DESCRIPTION Housing Hope Properties, as the CHDO sponsor and owner, will develop the HopeWorks Station Residential Project ("Project"), consisting of the new construction of a 65-unit apartment complex in the City of Everett. HopeWorks Station is planned as a five story mixed use, transit-oriented development of which the Project is a part. The Project will provide both living spaces for low-income and formerly homeless individuals and families located in the three floors of the building will provide 65 affordable housing units consisting of studios, one- bedroom and two-bedroom units. The Project will utilize 9% Low Income Housing Tax Credits. Final ownership of the Project shall belong with the tax credit limited liability limited partnership, HopeWorks Station LLLP, which will assume the obligations under this HOME Loan Agreement after assignment. The Project will serve households at or below 50% of area median income (AMI), with some units designated for households at or below 30% AMI. II. PROJECT CONFIGURATION The Project will be a 5-story mixed use building. The building will also contain a workforce development center on the first floor. Residential housing will be on the upper 3 floors. The workforce development center is separately owned and financed and not part of this Project. The Project includes 62 parking stalls, of which 17 are for tenants. The Project will also include 4 ADA accessible units. The Project will consist of 65 apartments on the three upper floors of the building: 28 studios, 27 one-bedroom units, and 10 two-bedroom units. The residential apartments will include common space for residents to get together and create community and support. On-site laundry facilities, and outdoor space will also be available for residents. III. RESIDENT POPULATION At Project completion, all Sixty-five (65) units will be affordable to households at or below 50% of Area Median Income (AMI), with some units designated for households at or below 30% AMI. A total of Fifty-seven (57) apartments in the building will be dedicated to serving individuals and small families who-were formerly homeless, or who are very low income. The units include 15 studio units for homeless youth desiring career pathways, 10 units for homeless veterans, and 16 units for people suffering from substance abuse, and families with children. The remaining units will be "workforce" apartments for households 50% AMI or less, who may be engaged in training or work through the HopeWorks social enterprise program. Fifteen units will be supported with Project-based Section 8 VASH vouchers from the Housing Authority of Snohomish County (HASCO), while an additional 47 units will be supported by Everett Housing Authority project based HUD Section 8 vouchers. Supportive services for the 57 units will be tailored under an Resident Services delivery model, where family support Exhibit A Housing Hope Properties Page 1 of 7