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[? The Agency's financial assistance to the Praject, ?nc[uding the Agency <br />Loan and each HamebuyerAssistance Loan, gill be funded from the <br />Agency's Housing Pund; the Praject is riot financially feasible vuithout the <br />Agency's financial assistance; and <br />?. Each qualified [?aderate [ncome Har?ebuyer of an Affordable for-dale <br />Unit that i to receive a Homebuyer Assistance Loan aril[ enter into a <br />Harebuyer Laan Areement?rith the Agency substantially in the form <br />attached to the Agreement ? Attachment No.1 ? ;and <br />[?. Ilvith respect to the porkiar? of the Praject that is located vtirith?n the Project <br />Area of the Merged Project, the acquisition, construction and operation of <br />the Praject pursuant to the Agreement vui[[ benefit the Project Area by <br />providing affordable housing for persons rho currently five and ?rark <br />v?ithin the Project Area; vuith respect to the portion of the Project that is <br />located outside the Pro?ctArea of the [verged Praject, the acquisitian, <br />canstructior? and operation of the Praject pursuant to the Agreementvuill <br />be of benefit to the Merged Project; and <br />L, The Agency has adopted an Implementation Plan pursuantto RL <br />section ?4g0, ?rhich sets forth the objective of providing housing to <br />satisfy the needs ar?d desires of var[ous constituent eler?er?ts of the <br />oammunity? and <br />lll?. The Agreement furthers the goals of the Agency set forth in the <br />[mp[ementation Plan s it ?ri[l facilitate the creation of affordable housing <br />h?ch ?ri[I serve the residents of the neighbarhaod and the pity; and <br />N, The i?eve[aper has submitted to theAencyand the pity auncil copies of <br />the Agreement substantially in the farm submitted here?rith; ar?d <br />Pursuant to RL section 3?4, the Agency is authorized} ?uith the <br />approval of the pity aunci[ after a duly noticed public hearing, to convey <br />the bite far deve[oprnent pursuantta the Redevelopment Plan upon a <br />deterrr?ination by the pity ounci[ that such conveyance aril[ either assist in <br />the elimination of blight or provide housing fvr Io?r- ar moderate-incorr?e <br />parsons, that the cons`rderatian for such conveyance is not less than the <br />fair rnarketvalue orfa?r reuse value of the bite in accordance Frith the <br />covenants and conditions governing the conveyance ofthe bite and <br />development casts required thereof, as well as the particular uses to be <br />conducted by the Developer at the bite, and that the conveyance under <br />the farms and conditions set forth in the Agreement i consistent?rith the <br />Implementation Plan ?rhich has been adopted by the Agency for the <br />Merged Praject; and <br />R?alution N?, ?00?-??C? <br />Pg? 3 of <br />:? <br />.?