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WHEREAS , DEVELOPER agreed to utilize up to $ 2 , 101 , 264 . 50 in Neighborhood Stabilization Program CDBG funds to acquire , rehabilitate , and accept title to and manage the rental of a minimum of ten housing units ; and WHEREAS , DEVELOPER agreed that a minimum of $ 1 , 082 , 282 . 00 of the proposed activity must benefit households with household incomes not exceeding 50 percent of the Area Median Income (AMI) and not more than $ 1 , 018 , 982 . 50 of the proposed activity must benefit households with household incomes not exceeding 120 percent or the AMI ; and WHEREAS , DEVELOPER to date has purchased nine (9) housing units which must be rented to households with a household income which does not exceed 50 % of AMI and has acquired five ( 5 ) additional housing units which may be rented to households with a household income which does not exceed 120% of AMI with funding from the COUNTY Neighborhood Stabilization CDBG program ; and WHEREAS , COUNTY has collected NSP Program Income funds from the sale of NSP homes through COUNTY ' s housing acquisition , rehabilitation , and re - sale activity ; and WHEREAS , NSP regulations allow COUNTY to use NSP Program Income funds for eligible NSP activities ; and WHEREAS , DEPARTMENT recently informed COUNTY that a minimum of 25 % of Program Income funds must be used by COUNTY rental activities that benefit households with incomes not exceeding 50 percent of AMI ; and WHEREAS , DEVELOPER , on September 7 , 2012 , signed and returned to COUNTY a letter indicating DEVELOPER ' s desire to utilize its remaining $ 74 , 593 . 05 in originally contracted funds plus up to an additional $450 ,406 . 95 in program income funds ; and WHEREAS , DEPARTMENT requires that COUNTY , during the affordability period defined in COUNTY ' S contract with DEPARTMENT, obtain from DEVELOPER certain information concerning the occupants , physical condition , rental proceeds and expenses for each of the housing units acquired by the DEVELOPER ; NOW, THEREFORE , in consideration of the mutual promises and covenants , the parties agree to the following amendments to the AGREEMENT : Revise entire AGREEMENT as follows : All references to the Department of Community Affairs (DCA) are hereby changed to Department of Economic Opportunity (DEO ) . P :ACommunity Deve1opment\CDB( JA2008 NSP\Contracts\Nonprofits\TC1ISC Contract Amendment - Sept 2012\Modification to Agreement - Proposed PinaLdoex