Laserfiche WebLink
HOME LOAN AGREEMENT <br />CITY OF SAN LEANDRO <br />HOME INVESTMENT PARTNERSHIPS ("HOME") PROGRAM <br />This HOME Loan Agreement (this "Agreement") is made as of the day of <br />, 2014 by and between the City of San Leandro, a California charter city <br />("City"), and Hello Housing, a California nonprofit public benefit Corporation ("Borrower"). <br />RECITALS <br />A. Borrower acquired certain real property located at 324 Lille Avenue in San Leandro, <br />California and identified as Alameda County Assessor's Parcel No. 75-0167-010-00, as more <br />particularly described in Exhibit A attached hereto and incorporated herein (the "Property"). <br />B Borrower intends to rehabilitate one existing single family home located on the <br />Property (the "Project"), which Borrower will operate as an affordable housing development in <br />accordance with that certain Regulatory Agreement to be entered into by and between City and <br />Borrower substantially in the form attached hereto as Exhibit B (the "Regulatory Agreement"). <br />C. The City is a participating jurisdiction in the Alameda County HOME Consortium <br />("Consortium") and is a recipient of funds pursuant to the HOME Investment Partnership Act, <br />established by the National Affordable Housing Act of 1990 (42 USCA § 12471 et seq.) ("HOME <br />Program") that are subject to certain restrictions established by the United States Department of <br />Housing and Urban Development ("HUD") under 24 CFR 92. <br />D. Borrower has applied to the City for, and City has agreed to provide, a loan (the <br />"Loan") to Borrower in the amount of One Hundred Thousand Dollars ($100,000) (the "HOME <br />Funds") in accordance with the terms and conditions of this Agreement. <br />E. Borrower and the City acknowledge and agree that the commitment of HOME Funds <br />by the City shall be solely and exclusively paid from and contingent upon receipt of HOME funding <br />by the City pursuant to that certain Agreement between the City and the County of Alameda dated <br />September 13, 2011 ("Consortium Agreement") and that certain Contract Designating the City of <br />San Leandro as a Subrecipient of HOME Funds between the City and the County of Alameda dated <br />("Subrecipient Agreement"). <br />F. The Loan will be provided by the City in accordance with federal regulations <br />governing the HOME Program as set forth in 42 U.S.C. 12741 et seq., and 24 CFR Part 92, all as <br />amended and in effect from time to time (all of the foregoing, collectively, the ("HOME Program <br />Regulations"). <br />G. As a condition of the Loan, the Borrower will execute and the City will cause to be <br />recorded the Regulatory Agreement which will restrict occupancy of the Project to eligible <br />households at affordable rents to households whose income is fifty percent (50%) or less of the area <br />median income for the County of Alameda, adjusted for household size, as determined by HUD <br />("Very Low -Income Households"). <br />2220130.1 Page 1 <br />