RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO THE AGREEMENT WITH CITY OF EAST PALO ALTO REDEVELOPMENT AGENCY (“CONTRACTOR”) ON THE COMPREHENSIVE HOMEBUYER ASSISTANCE MORTGAGE PROGRAM (CHAMP)

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, On May 6, 2003, the Board of Supervisors approved the CDBG, ESG, and HOME Action Plan for FY 2003-04, which included $126,300 of funding for this activity; and

WHEREAS, On February 24, 2004, under Resolution # 066511, the County and the Contractor entered into an Agreement (the “Original Agreement”) to provide HOME funds for the Comprehensive Homebuyer Assistance Mortgage Program (CHAMP) (the “Project”);and

WHEREAS, it is now the mutual desire and the intent of the parties hereto to amend and clarify the Original Agreement to lower the down payment loan from the lesser of 24% of the purchase price or $42,100, to 10% of the applicable Below Market Rate (BMR) sales price, and to exclude manufactured homes or mobile homes from single homes properties qualifying to be funded under the CHAMP program.

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the President of this Board of Supervisors be, and is hereby authorized and directed to execute said First Amendment for and on behalf of the County of San Mateo, and the Clerk of this Board shall attest the President’s signature thereto.

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