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FINANCIAL ASSISTANCE AGREEMENT FOR BOULDER COUNTY HOUSING AUTHORITY FOR AN AFFORDABLE HOUSING PROJECT IN THE CITY OF LOUISVILLE THIS AGREEMENT ( "Agreement ") is made and entered into as of the 21st day of April, 2015, between the CITY OF LOUISVILLE, a Colorado home rule municipal corporation (the "City "), and BOULDER COUNTY HOUSING AUTHORITY (the "BCHA ") a Colorado county housing authority. WHEREAS, City and BCHA entered into an Intergovernmental Agreement on August 21, 2012, pursuant to which the City is within the boundaries of BCHA and BCHA committed to construct an additional 15 affordable housing units in Louisville; WHEREAS, BCHA has been working to develop and finance an affordable housing project consisting of affordable units and age- restricted units as described below (and excluding any market rate units) (the "Project ") at 245 North 96th Street, Louisville (the "Project Location "), and BCHA and the City have entered into an Annexation Agreement dated April 21, 2015 with respect to the Project (the "Annexation Agreement "); WHEREAS, BCHA intends to develop the Project Location for the construction of age- restricted and affordable housing units; and WHEREAS, BCHA anticipates that the Project will be financed by low income housing tax credits, and that in connection with that financing BCHA will form a limited partnership or other entity (the "Owner ") to own the Project; WHEREAS, the City wishes to provide certain financial assistance to BCHA to enable BCHA to provide subordinate financing to the Owner to support the construction and long term affordability of the Project; WHEREAS, BCHA and City are authorized to enter into this Agreement pursuant to applicable law, including without limitation, parts 1, 2 and 5, article 4, title 29, C.R.S.; part 2, article 1, title 29, C.R.S.; section 29 -20- 104.5, C.R.S., and the City Charter; WHEREAS, the City and BCHA find the execution of this Agreement will serve to provide benefit and advance the public interest and welfare of the City and BCHA and citizens and businesses within the City. NOW THEREFORE, in consideration of the mutual promises set forth below, the City and BCHA agree as follows: 1. Construction of Project. BCHA shall cause the Owner to construct no less than 80% of the total amount of all residential units developed on the Project Location as affordable units for which the maximum rents and 1