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B. By a resolution considered and approved by the City Council at an open <br />public meeting on January 9, 2012 pursuant to Section 34176 of the Dissolution Act, the <br />City declined to assume the housing assets and functions of the Agency. The Housing <br />Authority was selected to assume such housing assets and functions, and on such date, also <br />pursuant to Section 34176, the Housing Authority accepted and assumed the housing <br />assets and functions of the Agency. <br />C. The Agreements provide, among other things, for the use of the Property <br />for affordable housing with the Assisted Units being restricted to being rented to <br />Extremely Low and Very Low Income households. The Agreements also provide that the <br />Assisted Units receiving City frauds ( "HOME Assisted Units ") be designated as "Fixed" <br />units as that term is used by the U.S. Department of Housing and Urban Development <br />( "HUD ") in regard to its HOME Investment Partnership Act Program ( "HOME <br />Program "). <br />D. The parties hereto now desire to amend the Agreements so as to provide <br />that the HOME Assisted Units be designated as "Floating" as that term is used by HUD in <br />regard to its HOME Program. They also desire to amend the Agreements so as to provide <br />for the following distribution of units between the City and former Agency, now <br />Authority. <br />NOW, THEREFORE, the parties hereby agree as follows: <br />1. The parties agree that Section 7.1 B. of the Loan Agreement, Section 3.1 B <br />of the Restrictions, and the relevant language on page 2 of the Notice shall be amended to <br />reflect that the HOME assisted units be designated as Floating units. The Grant Deed and <br />the DDA do not address this issue. <br />2. The table in Section 7.2 of the Loan Agreement, Section 3.2 of the <br />Restrictions, Section 3 of the Grant Deed, and Section 401.4 of the DDA shall be amended <br />so as to reflect the following distribution of units (not including the manager's unit): <br />3. The relevant language in page 2 of the Notice shall be amended so as to <br />reflect the following distribution of units (not including the manager's unit): <br />2 <br /># of Units <br />(Successor <br />Agency) <br /># of <br />HOME <br />Units <br />Studio Extremely Low Units <br />3 <br />3 <br />One Bedroom Extremely Low Units <br />6 <br />4 <br />Two Bedroom Extremely Low Units <br />4 <br />0 <br />Studio Very Low Units <br />7 <br />2 <br />One Bedroom Very Low Units <br />8 <br />2 <br />Two Bedroom Very Low Units <br />1 <br />0 <br />3. The relevant language in page 2 of the Notice shall be amended so as to <br />reflect the following distribution of units (not including the manager's unit): <br />2 <br />