First Addendum to Agreement - 466 Works Community Development Corp - Bldg of 5 New Homes

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EXHIBIT A Program Description Pilot Housing Subsidy Program During the term of this Agreement, the Organization will establish a program in conjunction with the City's Department of Community Investment, to promote, build, market and assist homebuyers in the purchase of new housing within targeted areas. The pilot program will be designed to encourage public/private housing investment in a specified and targeted geography on vacant parcels based on development plans that align with the neighborhood and City objectives. The program goals are to: (1) Develop vacant City -owned and Organization -owned lots (2) Offer the opportunity to improve and maintain the character and value of the property and surrounding neighborhood (3) Offer financial support in the form of gap financing for the construction of new single family and/or duplex residential structures (4) Support the opportunity for individuals and families to live in safe and affordable housing. The program shall require: (1) A maximum of one subsidy per residential structure (2) The per structure construction subsidy shall not exceed Ninety -Nine Thousand Eight Hundred Seventy Five Dollars ($99,875.00). (3) Property must be owner -occupied single family or owner -occupied duplex residential structures (4) Development is to occur first on land owned by 466 Works and approved by City. (5) The parcels approved by the City include one (1) property the City will convey, for no fee to 466 Works. Parcel # 018-7042-1677. This parcel and the following parcels owned by 466 Works will be re -platted by 466 Works for four (4) residential structures: 018-7042-1675 018-7042-1674 018-7042-1676 018-7042-1673 018-7042-1675.01