Land Acquisition Grant - CEDAC

CEDAC has developed the Program to encourage non-profit developers to acquire vacant and substantially vacant and underutilized properties for the purpose of redeveloping such properties for affordable housing. A description of the Program is attached hereto as Exhibit A. Program assistance, which will be administered by CEDAC, will consist of three types of financing: (i) Site Control Deposit financing, (ii) Acquisition Loan financing, and (iii) Carrying Cost financing.

Pursuant to and in accordance with this Agreement, DND is using IDP program funds to make a grant to CEDAC in the amount of Two Million Five Hundred Thousand Dollars ($2,500,000.00), subject to the terms and conditions set forth in this Agreement, to be used by CEDAC to provide financing to Developers for approved Projects.