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AFFORDABLE HOUSING TRUST FUND AGREEMENT <br /> This Affordable Housing Trust Fund Agreement (the "AHTF Agreement" or the "Agreement") is <br /> entered into this \-1 day of C.`)( t , 2019, by and between HopeWorks Station <br /> Residential LLLP, a Washington limited` y company (the "Owner"), and the City of Everett, a <br /> Washington municipal corporation (the "City"), to undertake that certain housing project referred <br /> to as HopeWorks Station Residential (as more fully described in Exhibit A attached hereto and <br /> incorporated 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 within <br /> housing projects that are affordable to persons with income at or below fifty percent (50%) of the <br /> area median income ("Very Low-Income"); and <br /> WHEREAS, the Owner owns certain real property located at 3315 Broadway Avenue, <br /> Everett, WA 98201, 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 Owner to pay a part of the costs of development and <br /> construction of the Project; and <br /> WHEREAS, the Owner shall construct and operate on the Property sixty-five (65) units of <br /> affordable housing for Very Low-Income individuals who have been diagnosed with chronic <br /> mental illness, physical or developmental disabilities and/or co-occurring disorders requiring the <br /> provision of supportive services on a continuous, uninterrupted basis for forty (40) years from the <br /> date the project certificate of occupancy is issued; and <br /> WHEREAS, by Resolution No. 7321, passed December 12, 2018, the City of Everett <br /> Council authorized funding for the Project in the amount of Two Hundred Nineteen Thousand <br /> Sixty-Seven Dollars ($219,067); <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 /> HopeWorks Station Residential LLLP <br /> Page 1 of 15 <br />