HomeMy WebLinkAboutCC Resolution 13886 (BMR Homeownership Program)RESOLUTION NO. 13886
RESOLUTION APPROVING AN AGREEMENT WITH MARIN HOUSING FOR THE
ADMINISTRATION OF THE BELOW MARKET RATE HOMEOWNERSHIP
PROGRAM FOR FISCAL YEAR 2015-16 IN AN AMOUNT NOT TO EXCEED $80,000
WHEREAS, the City of San Rafael General Plan Policy H-19 provides for on site units
affordable to very low, low and moderate income households in new residential projects; and
WHEREAS, such units provided by developers to comply with the General Plan are
known as Below Market Rate Housing ("BMR") units, and each buyer of a BMR unit executes
enforceable resale restrictions so the units remain affordable over time; and
WHEREAS, for many years the City of San Rafael has hired the Housing Authority of the
County of Marin ("Marin Housing") to administer the City's BMR Ownership Housing Program
("the Program"), and to enforce the resale restrictions on BMR units in the Program; and
WHEREAS, in March 2013 the City Council approved a five-year contract with Marin
Housing for comprehensive administration and management of the Program for Fiscal Year
2012-13 to 2017-18, with a ninety day notice termination notice by either party; and
WHEREAS, the annual cost for administering the program is $68,655. It is estimated
that additional funds will be required to pay for legal fees in connection with the enforcement of
BMR unit resale restrictions in an amount of $11,345; and
WHEREAS, the City of San Rafael adopted an in lieu housing fee for residential
developments in 1988 and an in lieu housing fee for non-residential developments in 2005;
collectively the "Affordable Housing In Lieu Fund; and
WHEREAS, it is proposed that the 2015-16 cost of the Marin Housing contract for
annual administration be paid from the Affordable Housing In -Lieu Fund; and
WHEREAS, the City of San Rafael desires to assure that the existing and future
affordable ownership units will remain as a housing resource for future generations by allocating
funds for the management of the program for an additional five years from the Affordable
Housing In -Lieu Fund; and
WHEREAS, by staff report accompanying this Resolution and incorporated into this
Resolution by this reference (the "Staff Report"), the City Council has been provided with
additional information upon which the findings and actions set forth in this Resolution are based.
NOW, THEREFORE, BE IT RESOLVED that the City Council hereby finds and
determines that the above recitals are true and correct and have served as the basis, in part, for the
findings and actions of the City Council set forth below.
BE IT FURTHER RESOLVED that the City Council hereby approves appropriation of
Eighty Thousand Dollars ($80,000) from the City's Affordable Housing In -Lieu Fund for the
management and enforcement of the Program for Fiscal Year 2015-16.
BE IT FURTHER RESOLVED that the City Council hereby authorizes the City Manager
to allocate an additional amount of Five hundred Thousand Dollars ($500,000) from the City's
Affordable Housing In -Lieu Fund to maintain the program during for Fiscal Years 2016-17
through 2020-21.
BE IT FURTHER RESOLVED that this Resolution shall take immediate effect upon
adoption.
I, ESTHER C. BEIRNE, City Clerk of the City of San Rafael, hereby certify that the
foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the
City Council held on the sixteenth day of March 2015, by the following vote, to wit:
AYES: COUNCILMEMBERS: Colin, Gamblin, McCullough & Mayor Phillips
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Bushey
/2 SM%- G - 44.e-.,_
ESTHER C. BEIRNE , City Clerk
Agreement
for BMR Program Portfolio Management
City of San Rafael
This Agreement for BMR Program Portfolio Management (the "Agreement") is made and
entered into as of July 1, 2013 by and between the Housing Authority of the County of Marin
(the "Authority") and the City of San Rafael ("Jurisdiction") relating to Jurisdiction's Below
Market Rate Homeownership Program (the "BMR Program," and each unit that is part of the
BMR Program is referred to a "BMR Unit").
NOW, THEREFORE, for and in consideration of the mutual promises contained herein, the
Authority and Jurisdiction agree as follows:
I. PROGRAM MANAGEMENT SERVICES.
The Authority shall provide the following services to Jurisdiction:
A. SALE AND RE -SALE SERVICES.
i. Meet with Jurisdiction and prospective developers to discuss (1)
Jurisdiction's inclusionary housing requirements; (2) how those requirements
can be satisfied through the BMR Program; and (3) how to determine a
specific "affordable" sales price to be applied to a general income level
target.
ii. Establish the initial for -sale BMR Unit pricing information for the Below
Market Rate Housing Agreement pursuant to the affordability requirements
established by Jurisdiction.
iii. Calculate resale price evaluations for existing BMR Units for purposes of
resale or refinance.
iv. Advertise the BMR Program and BMR Units when appropriate and through
methods deemed appropriate by the Authority, such as e-mail blasts, the
Authority website and/or BMR database, and/or mailers to community
service providers, and/or lenders.
v. Engage licensed real estate broker/agents to list, market, and complete the
purchase and sale of BMR Units in accordance with industry standards, while
following the BMR Program requirements.
vi. Record or cause to be recorded, as appropriate, the Resale and Refinancing
Restriction Agreement and Option to Purchase, the Authority Deed of Trust
and Security Agreement Securing the Resale and Refinance Restriction
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Agreement, and the Notice of Affordability Restrictions and a Request for
Copy of Default Notice as appropriate.
vii. Utilize the most current versions of the following documents, in such form as
approved by the Jurisdiction, and obtain all necessary signatures thereon, in
connection with all BMR Unit conveyances during the term of this
Agreement:
1. Resale and Refinancing Restriction Agreement and Option to
Purchase;
2. Buyer's Disclosure Statement -, Marin County Below Market Rate
Home Ownership Program;
3. Authority Deed of Trust and Security Agreement securing the Resale
and Refinancing Restriction Agreement and Option to Purchase;
4. Below Market Rate Housing Agreement (a three -party agreement by
and among the Authority, Jurisdiction, and the Developer; and
5. Notice of Affordability Restrictions.
ix. Subject to availability, provide assistance to BMR Unit buyers with obtaining
down payment assistance. Assistance programs may include, but are not
limited to, the Mortgage Credit Certificate Program (MCC), HOME,
CalHome and other programs available to eligible buyers within the
Jurisdiction.
x. When a BMR Unit owner notifies Authority of owner's intention to sell their
unit, request from such owner information regarding repairs or upgrades
completed to that owner's BMR Unit and, if appropriate, adjust the sales
price for such owner's BMR Unit.
xi. Manage applicants for BMR Unit ownership by:
1 Determining applicant eligibility pursuant to criteria established in
cooperation with Jurisdiction; and
2. Operating a computer-generated lottery system to select
prospective BMR Unit buyers.
B. BMR PROGRAM MONITORING SERVICES.
i. Authority shall perform annual monitoring of no less than one-third of
Jurisdiction's existing BMR Units to attempt to verify compliance with the
Resale Restrictions Agreement (e.g., continuing owner occupancy, no
subleasing, no refinancing without approval, no over -encumbering, etc.) of
certain existing BMR owners.
ii. MHA shall provide annual status reports to Jurisdiction on BMR sales
activity, refinancing activity, monitoring results, and other related
information that is reasonably requested by the Jurisdiction (e.g., BMR
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owner demographics, current affordability levels, issues and concerns,
etc.)_
C. INFORMATION AND EDUCATION.
i. Upon request, Authority shall provide Jurisdiction, BMR Program
participants and lenders with information concerning procedures and/or
restrictions regarding BMR Unit conveyance, refinancing, and
determination of affordability and capital improvements.
ii. Authority shall provide, or cause to be provided, counseling workshops for
first-time home buyers concerning credit, qualifying for a loan, loan types
and terms, refinancing, fair housing, and/or HOA's.
iii. Authority shall provide Median Household Income information to
Jurisdiction and prospective developers, and provide relevant information
concerning Income Limits and Median Income, the relationship between
those factors, and how those factors typically are used to determine
affordability.
iv. Authority shall provide or cause to be provided periodic newsletters to
BMR Unit owners and other stakeholders.
D. PROGRAM MANAGEMENT SERVICES FEE
Jurisdiction shall pay Authority $597 per BMR Unit, annually, for each BMR
Unit that is in the BMR Program, which shall be due to Authority on or before
July I of each year during the term of this Agreement, commencing on July 1,
2013. As of the effective date of this Agreement, the BMR Program in the
City of San Rafael is comprised of One Hundred Fifteen (115) Units.
Accordingly, Jurisdiction shall pay to Authority SIXTY-EIGHT THOUSAND
SIX HUNDRED FIFTY-FIVE DOLLARS ($68,655.00) for the initial 12
months of this Agreement (for services rendered through June 30, 2014. The
total number of BMR Units may be adjusted from time to tune, which would
adjust the annual payment that Jurisdiction is obligated to pay to Authority.
11. ENFORCEMENT SPECIALIST SERVICES.
A. Should the Authority identify BMR Program violations by any BMR Unit owners,
the Authority shall promptly notify the Jurisdiction and, upon Jurisdiction's
request, the Authority shall contact such BMR Unit owner and demand correction
of their violation(s). The Authority, with consent of the Jurisdiction, will attempt
to enforce the BMR Resale Restrictions Agreement to secure and preserve the
BMR Unit for the Jurisdiction and enforce compliance with the BMR Program, or
as otherwise directed by the Jurisdiction with respect to each such BMR Unit.
The services performed by Authority pursuant to this sub -section A. shall be
referred to as "Enforcement Services."
Below Market Rate Portfolio Management Agreement Page 3
B. FEE TO AUTHORITY FOR ENFORCEMENT SERVICES
Enforcement Services will be provided on a case-by-case basis only upon
Jurisdiction's written consent pursuant to sub -section A, immediately above.
Enforcement Services will be provided by an employee of the Authority, and the
Authority will charge Jurisdiction $95 per hour if the Enforcement Services are
performed by a non -attorney and $145 per hour if the Enforcement Services are
performed by an employee of the Authority that is an attorney. Charges for
Enforcement Services will be at 1/4hour increments, at a maximum limit of $1,900
per BMR Unit. The Authority will submit detailed monthly billings to
Jurisdiction reflecting the Enforcement Services performed. Payment is due on
all billings net 30 days from the date Jurisdiction receives the invoice. No fees
shall be billed to Jurisdiction in excess of the above maximum without
Jurisdiction's prior written approval. Compensation for Enforcement Services
will be in addition to the compensation provided to Authority under other
provisions of this Agreement.
III. BMR PROGRAM DISPUTES.
A. LEGAL SERVICES IN THE EVENT OF BMR DEFAULT OPTION EVENTS.
BMR Units may be subject to legal disputes, and retaining outside legal counsel
to perform services relating to certain BMR Units may become appropriate (with
respect to each such BMR Unit, a "Dispute"). The Authority will notify
Jurisdiction within a reasonable period of time within which Authority learns of a
Dispute. In the event Authority notifies Jurisdiction of a Dispute, the Authority
may, with Jurisdiction's prior written consent, retain outside legal counsel of
Authority's choosing to represent the Authority with respect to each Dispute. The
Authority will manage and provide instruction to outside legal counsel, keep
Jurisdiction reasonably informed and forward legal counsel's advice to
Jurisdiction concerning each Dispute. Any time expended by Authority
employees regarding a Dispute shall also constitute Enforcement Services and
will be billed pursuant to Section II. B., above.
B. FEE TO AUTHORITY TO REIMBURSE 3RD PARTY LEGAL SERVICES.
The Authority will provide Enforcement Services with respect to each Dispute
until the Dispute is resolved. Upon attorneys' fees and costs incurred for a
Dispute reaching $5,000 (to be billed on an hourly basis pursuant to standard
industry practices, with detailed billings to be provided to Jurisdiction), the
Jurisdiction will be briefed on the recommended course of action provided by
legal counsel and the Jurisdiction shall provide general direction to Authority with
respect to each Dispute.
C. EXERCISE OF OPTION TO PURCHASE PURSUANT
TO RESALE RESTRICTION AGREEMENT
Below Market Rate Portfolio Management Agreement Page 4
i. Notice of Option
In the event an option to purchase a BMR Unit may be exercised, the
Authority shall:
1. Notify Jurisdiction in writing within five (5) working days of
Authority learning that an option to purchase may be exercised with
respect to a BMR Unit (the "Notice"); and
2. The Notice shall include the option -triggering event, the anticipated
resale price, and any other information that may be available to
Authority that will assist Jurisdiction in deciding on a course of
action.
3. Within ten (10) working days of receipt of the Notice, Jurisdiction
shall provide written instructions to the Authority directing the
Authority to (1) exercise the Option, (2) assign to Jurisdiction the
right to exercise the Option to purchase the BMR Unit with
Jurisdiction assuming responsibility to enforce the Resale Restriction
Agreement and Deed of Trust and Security Agreement, or (3) file a
Notice of Abandonment.
ii. Exercise of Option
If the Jurisdiction requests that the Authority exercise the Option, the
Authority shall:
1. Utilize the funds collected through re -sales of BMR Units within
Jurisdiction, if any, to purchase the BMR Unit that is subject to the
Notice; or
2. Utilize funds borrowed from the jurisdiction; or
3. Utilize Authority's line of credit if Authority determines it would
not interfere with Authority's operations; provided, however,
Authority shall be reimbursed by Jurisdiction such amount that
Authority contributes toward the exercise of an option, which
reimbursement shall occur immediately upon re -sale of the BMR
Unit subject to such option or 90 days from the Authority's
exercise of the Option, whichever occurs earlier.
IV. EXCESS PROCEEDS UPON RESALE & MANAGEMENT OF PROCEEDS
A. BELOW MARKET VALUE SALE
When a BMR Unit owner wishes to sell their BMR Unit, Jurisdiction may elect to
retain such BMR Unit within the BMR Program but to increase the sales price of
Below Market Rate Portfolio Management Agreement Page 5
such BMR Unit for the subsequent purchaser of that BMR Unit provided the
increased sales price remains affordable to the unit's designated income level. If
Jurisdiction desires to increase the resale price of a BMR Unit pursuant to the
immediately foregoing sentence, Jurisdiction must provide written notice to
Authority within 10 days of receiving notice from Authority that a BMR Unit
will become available for resale. Depending on specific Resale Restriction
Agreement recorded on the BMR unit and the provisions for excess proceeds
contained therein, it may be necessary for the Authority to exercise its option to
purchase the unit.
B. MARKET VALUE SALE
Jurisdiction may elect to release a BMR Unit from the BMR Program and its
affordability and resale restrictions by directing the Authority in writing to resell a
BMR Unit at its market value ("Market Value Sale"). If Jurisdiction desires
for a Market Value Sale to occur, Jurisdiction must provide written notice to
Authority within 10 days of receiving notice from Authority that a BMR Unit will
become available for sale.
C. EXCESS PROCEEDS
i. After Authority's consummation of a sale pursuant to Sections W.A. or
N.B., above, Authority shall pay to jurisdiction or retain the difference
between the actual sale price of the BMR Unit subject to such sale, as
directed by the Jurisdiction in writing, less (1) brokerage fees pursuant to
Section V of this agreement and all reasonable and customary closing fees,
(2) satisfaction of all valid liens that the BMR Unit is subject to if such
lien(s) were permitted by relevant agreements with Authority and/or
Jurisdiction governing such BMR Unit, (3) the Authority sales fee equal
to a minimum of I% of the final sales price, (4) costs for rehabilitation of
the unit if costs paid by Authority, (5) such amount as BMR Unit owner is
entitled to receive at the close of a sale of their BMR Unit pursuant to such
owner's recorded resale restriction agreement(s) with Authority and/or
Jurisdiction that govern the sale of their BMR Unit, and (6) any funds
that Jurisdiction owes to Authority pursuant to this Agreement.
ii. Funds remaining after satisfaction of Sections IV.A., N.B., or IV.C.i.,
above shall be referred to as the "Excess Proceeds". Unless otherwise
directed in writing by Jurisdiction, Authority shall retain the Excess
Proceeds in a segregated account ("Jurisdiction Account") and shall
provide to Jurisdiction, on an annual basis (or more often as requested by
Jurisdiction), a report detailing the status of the Jurisdiction Account.
D. JURISDICTION ACCOUNT MANAGEMENT
Authority shall at the written direction of the Jurisdiction, transfer or make
payments from the Jurisdiction Account for the benefit of the BMR Program
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Below Market Rate Portfolio Management Agreement image 6
including, but not limited to, (1) payment of legal expenses, (2) payment of fees
owed to the Authority pursuant to this Agreement, (3) payment of
rehabilitation or construction work relating to BMR Unit sale.
V. BROKERAGE FEES
A. Up to 6% of the total sales price of each BMR Unit will be payable to a broker
agent and to the Authority. The precise distribution of the 6% will be dependent
on whether there is dual representation of the BMR Unit buyer and seller by an
agent / broker. Any portion over I% due to the Authority shall be deposited into
the Jurisdiction Account to be utilized pursuant to Section IV.D. above.
VI. BMR PROGRAM HOME OWNER FEES TO AUTHORITY.
A. BMR Program Lottery Application Fee — Each person that applies to participate
in the BMR Program shall pay to the Authority an annual fee of $25 for the
calendar year payable at the time of application. This fee entitles the applicant to
obtain information about the BMR Program, request pre -qualification, lottery
inclusion based on the family composition, and limited assistance in the purchase
process. If the applicant has completed a First Time Homeownership Counseling
Workshop from a HUD -approved provider prior to applying for the Lottery, the
$25 fee will be waived.
B. The Authority shall charge owner of a BMR Unit a fee of $50 for preparing a
BMR Resale Price valuation.
C. The Authority shall charge BMR Unit owners a fee of $50 for the evaluation and
approval of capital improvements to be added to the resale price. The fee for this
service shall be $ 100 if a physical inspection is required.
D. Any fees received by the Authority pursuant to this Section V shall be irrevocably
retained by the Authority to fund the services it provides for which such fee is
charged, and will be in addition to the compensation provided to Authority under
other provisions of this Agreement.
VII. JURISDICTION RESPONSIBILITIES.
Jurisdiction shall:
A. Execute and, if appropriate, record documents that are appropriate or necessary
for the operation of the BMR Program and performance of this Agreement and
transactions contemplated hereby, including, but not limited to, a three -party
(among Authority, Jurisdiction, and a developer/contractor) Below Market Rate
Housing Agreement;
Below Market Rate Portfolio Management Agreement Page 7
B. Communicate with Authority, including, but not limited to, meeting with
Authority on an annual basis to review the asset management portfolio and the
services; .
C. Assess and pay fees due to Authority as required by this Agreement. The
invoiced fees and related expenses shall be paid by Jurisdiction within thirty (30)
days of Authority's submission of billings. Jurisdiction farther agrees to assume
and be solely responsible for all and any payment for legal services performed on
Jurisdiction's and Authority's behalf per this Agreement.
D. Provide, or cause to be provided, access to Authority to any and all Jurisdiction
information and documentation necessary for the Authority to perform pursuant to
this Agreement, including but not limited to, documents recorded by Jurisdiction.
E. Jurisdiction hereby agrees to defend, indemnify and hold harmless Authority and
its employees, commissioners, and representatives (each an "Indemnified
Party") from and against any and all damages, injuries, claims, liability and
expense, whatsoever, including attorneys' fees, costs, and related disbursements
(collectively, "Damages"), incurred by reason of a BMR Unit, the BMR Program,
or this Agreement, except such Damages caused by the negligence or willful
misconduct of Authority. This sub -section E. shall survive termination of this
Agreement.
VIII. BMR RENTAL PROGRAM MONITORIING.
A. The Authority may provide monitoring services for the Jurisdiction's BMR rental
units for an additional fee. Monitoring services include review of Tenant Income
Certifications and Certificates of Continuing Compliance provided by a property
management company. The Authority will provide these services upon
Jurisdiction's written request to provide rental monitoring services and
Authority's written acceptance of Jurisdiction's request.
B. In connection with these monitoring services, the Authority has the capacity and
expertise to recalculate a schedule of maximum allowable BMR rents each time
HUD publishes a revised Area Median Income. Utility allowances would also be
revised at the saine time based on the current Section 8 Housing Assistance
Payment Program schedule of utility allowances determined by the Authority.
C. The fee for the performance of rental monitoring will be determined based on the
scope of work.
IX. TERM OF AGREEMENT
A. Regardless of the term of the BMR Resale Restrictions recorded with
Jurisdiction's BMR Units, it is the intention of both parties that-4=,,tqrm of this
Agreement shall be for five years expiring oit"Itme 30, 2018 And will
Below Market Rate Portfolio Management Agreement Page 8
automatically renew for additional two (2) year terms unless either party notifies
the other in writing of its intention to terminate this Agreement at least 90 days
prior to the expiration of the initial term or any renewal term.
X. INSURANCE
A. During the term of this Agreement, Authority shall maintain, at no expense to
Jurisdiction, the following insurance policies:
i. A commercial general liability insurance policy in the minimum amount of
one million ($1,000,000) dollars per occurrence for death, bodily injury,
personal injury, or property damage.
ii. An automobile liability (owned, non -owned, and hired vehicles) insurance
policy in the minimum amount of one million ($1,000,000) dollars per
occurrence.
B. The insurance coverage required of the Authority by section A above shall also meet
the following requirements:
The insurance shall be primary with respect to any insurance or coverage
maintained by Jurisdiction for the negligent acts of the Authority only, and
shall not call upon Jurisdiction's insurance or coverage for any contribution
for the Authority's negligent acts.
ii. Except for professional liability insurance, the insurance policies shall be
endorsed for contractual liability and personal hijury.
iii. Except for professional liability insurance, the insurance policies shall be
specifically endorsed to include Jurisdiction, its officers, agents, employees,
and volunteers, as additionally named insureds under the policies.
iv. Authority shall provide to Jurisdiction's Risk Manager, (a) Certificates of
Insurance evidencing the insurance coverage required herein, and (b)
specific endorsements naming Jurisdiction, its officers, agents, employees,
and volunteers, as additional named insureds under the policies.
V. The insurance policies shall provide that the insurance carrier shall not
cancel, terminate or otherwise modify the terms and conditions of said
insurance policies except upon ten (10) days written notice to Jurisdiction's
Risk Manager.
vi. The insurance shall be approved as to form and sufficiency by Jurisdiction's
City Attorney.
C. If it employs any person, Authority shall maintain worker's compensation and
employer's liability insurance, as required by the State Labor Code and other
Below Market Rate Portfolio Management Agreement Page 9
applicable laws and regulations, and as necessary to protect both Authority and
Jurisdiction against all liability for injuries to Authority's officers and employees.
D. Any deductibles or self-insured retentions in Authority's insurance policies must be
declared to and approved by Jurisdiction's Risk Manager and City Attorney.
XI. MISCELLANEOUS
A. INTEGRATION CLAUSE
i. This Agreement constitutes the entire agreement between the parties to this
Agreement with respect to the subject matter of this Agreement, and there are
no other terms, obligations, covenants, representations, statements, or
conditions except as set forth in this Agreement. No change or amendment to
this Agreement will be effective unless in writing and signed by the parties to
this Agreement. Failure to insist upon strict compliance with any term or
provision of this Agreement will not be deemed to be a waiver of any rights
under a subsequent act or failure to act. This Agreement specifically
supersedes all prior agreements between the parties.
B. CONSTRUCTION
i. The parties to this Agreement have been represented by counsel in the
negotiation and preparation of this Agreement, and this Agreement will be
construed according to its fair language. The rule of construction to the effect
that ambiguities are to be resolved against the drafting party will not be
employed in interpreting this Agreement.
C. COUNTERPART ORIGINALS
i. This Agreement may be executed in one or more counterparts, each of which
will be deemed an original, but all of which together will constitute one and
the same agreement. Facsimile or PDF copies of signed signature pages shall
be binding originals.
D. SEVERABILITY
i. In the event that for any reason one or more of the provisions of this
Agreement or its or their application to any person or circumstance is held to
be invalid, illegal, or unenforceable in any respect or to any extent, such
provisions will, nevertheless, remain valid, legal, and enforceable in all other
respects and to such extent as may be permissible, and, in addition, any such
invalidity, illegality, or unenforceability will not affect any other provision
hereof, but this Agreement will be construed as if such invalid, illegal, or
unenforceable provision had never been contained herein.
-'-Q
Below Market Rate Portfolio Management Agreement Page 10
i. For the purposes, and for the duration, of this Agreement, Authority, its officers,
agents and employees shall act in the capacity of an Independent Contractor, and
not as employees of the Jurisdiction. Authority and Jurisdiction expressly
intend and agree that the status of Authority, its officers, agents and employees
be that of an Independent Contractor and not that of an employee of
Jurisdiction.
F. NOTICES
Any notice or communication required or permitted under this Agreement
must be sent by e-mail (provided delivery is confirmed) or U.S. Mail (certified
only) return receipt requested pursuant to the addresses set forth immediately
below, or at such other addresses as shall be designated in writing by either
party to the other in accordance with this Section. Such notice will be deemed
to be given when received.
Authority: Housing Authority of the County of Marin
Attention: Executive Director
4020 Civic Center Drive
San Rafael, CA 94903-4173
Jurisdiction: City of San Rafael
Attention: Economic Development Director
1400 Fifth Avenue
P.O. Box 151560
San Rafael, CA 94914-1560
Below Market Rate Portfolio Management Agreement Page 11
IN WITNESS WHEREOF'', the Housing Authority of the County of Marin and the City
of San Rafael, have executed this Agreement as of the date first written above. The undersigned
represent and warrant that he/ she has full power and authority to enter into this Agreement and
to bind each other in accordance with its terms.
For the City of San Rafael:
Nancy ackle, City anager
APPROVED AS TO FORM:
Robert F. Epstein, City ttorne�
For the Housing Authority of the County of Marin:
!�
Le is Jordan, Exec ve irector
END OF
Date
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