HomeMy WebLinkAboutCorporation for Better Housing - 1st Amendment to Agreement dated 02.06.24 - 06.13.24FIRST AMENDMENT TO AGREEMENT
THIS FIRST AMENDMENT TO AGREEMENT (Amendment) made and entered
into as of the 13 day of )L/ 2024, (Effective Date) amends the Affordable
Housing Agreement entered into between the City of Fresno, a California municipal
corporation (City), and Corporation for Better Housing, a California nonprofit public benefit
corporation (Developer).
RECITALS
WHEREAS, the City and Developer entered into an Affordable Housing
Agreement on February 6, 2024, (Agreement) to memorialize the Developer's
obligations to develop, entitle, construct, and operate the Subject Property with 82
senior affordable housing units along with onsite and offsite improvements (Project),
and operate the Project as affordable housing throughout the Affordability Period
pursuant to the requirements of the Agreement; and
WHEREAS, due to severely limited tax credits available this year, reducing the
number of units will strengthen the competitiveness of the tax credit application in order
to obtain funding; and
WHEREAS, the City and Developer desire to revise the Agreement to reduce the
number of housing units to make the Project feasible.
AGREEMENT
NOW, THEREFORE, in consideration of the above recitals, which recitals are
contractual in nature, the mutual promises herein contained, and for other good and
valuable consideration hereby acknowledge, the parties agree that the aforesaid
Agreement be amended as follows:
1. All references to 82 units, housing units, or senior affordable housing units
within the Agreement, including Exhibits or Attachments to the Agreement shall be
amended to reflect 76 units, housing units, or senior affordable housing units.
2. Developer covenants and agrees to amend, modify or revise any other
agreements, applications, or other documentation regarding the Project with all outside
parties or agencies to reflect the intentions of the parties under this Amendment to reduce
the number of units, housing units or senior affordable housing units from 82 to 76.
3. In the event of any conflict between the body of this Amendment and any
Exhibit or Attachment hereto, the terms and conditions of the body of this Amendment
shall control and take precedence over the terms and conditions expressed within the
Exhibit or Attachment. Furthermore, any terms or conditions contained within any Exhibit
or Attachment hereto which purport to modify the allocation of risk between the Parties,
provided for within the body of this Amendment, shall be null and void.
4. Except as otherwise provided herein, the Agreement entered into by the
City and the Developer on February 6, 2024, remains in full force and effect.
S
IN WITNESS WHEREOF, the parties have executed this Agreement at Fresno,
California, on the day and year first above written.
CITY OF FRESNO,
A Califs municipal corporation
By:
Georg nne A. White,
City MbAager
APPROVED AS TO FORM:
ANDREW JANZ
City Jttomey
B OL pd&w*`-
Mr-a-my N r v a n i a n Date
Assists ity Attorney j „_ 0,
ATTEST
TODD STERMER, CMC
City Clerk
By:
{ le{te Date
5er iy- Deputy (2;+y Uef L<
Corporation for Better Housing,
a California nonprofit public benefit
corporation
By:
Name: Lori Koester
Title: Executive Director
By:
Name:
Title:
(If corporation or LLC., CFO,
Treasurer, Secretary or Assistant
Secretary)