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HomeMy WebLinkAboutCC Resolution 13772 (BMR Homeownership Program)RESOLUTION NO. 13772 RESOLUTION APPROVING AN AGREEMENT WITH MARIN HOUSING FOR THE ADMINISTRATION OF THE BELOW MARKET RATE HOMEOWNERSHIP PROGRAM FOR FISCAL YEAR 2014-15 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 previous years the City of San Rafael authorized the use of Redevelopment Agency Low and Moderate Income housing funds to fund the contract with Marin Housing to manage the BMR Ownership Program; and WHEREAS, on February 1, 2012, the Redevelopment Agency was dissolved pursuant to Health and Safety Code Section 34172; and WHEREAS, the City as Housing Successor now holds the former Redevelopment Agency's affordable housing funds; 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 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; and WHEREAS, it is proposed that the 2014-15 cost of the Marin Housing contract for annual administration be paid from either the Housing Successor Housing Fund (the "Housing Fund") or 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 allocation of Eighty Thousand Dollars ($80,000) from either the City Successor Housing Fund or the City's housing in lieu fund for the management and enforcement of the Program for Fiscal Year 2014- 15. BE IT FURTHER RESOLVED that the City Council hereby authorizes the City Manager to allocate an amount of Eighty Thousand Dollars ($80,000) for Fiscal Year 2014-15 to Marin Housing for this contract. 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 twenty- first day of July 2014, by the following vote, to wit: AYES: COUNCILMEMBERS: Bushey, Colin, Connolly, McCullough & Mayor Phillips NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None ESTHER C. BEIRNE , City Clerk Attachment A 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: 1. 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 Below Market Rate Portfolio Management Agreement Page 1 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, CalIIome 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: I. 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 Below Market Rate Portfolio Management Agreement Page 2 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 1 of each year during the term of this Agreement, commencing on July I, 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 time, which would adjust the annual payment that Jurisdiction is obligated to pay to Authority. II. 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/a hour 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 SMR 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 IV.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 1% 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., IV.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 froth the Jurisdiction Account for the benefit of the BMR Program Below Market Rate Portfolio Management Agreement Page 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 1% 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) Belotiv 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 further 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 same 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 the term of this Agreement shall be for five years expiring on June 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: i. 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 injury. 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 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. Below Market Rate Portfolio Management Agreement Page 10 E. INDEPENDENT CONTRACTOR 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 L 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 Mackle, CitytManager APPROVED AS TO FORM: Robert F. Epstein, City ttorne For the Housing Authority of the County of Marin: Lc�s Jordan, Exec ve birector OF Date Date AGREEMENT==== =------_====== Below Market Rate Portfolio Management Agreement Page 12