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AGREEMENT <br /> This Agreement by and between the City of Decatur, Illinois, a municipal corporation, <br /> ("City"), and CEFCU (Citizens Equity First Credit Union) (��Financial Institution"). The <br /> "Financial Institution" agrees to maintain mortgage loan offices within the city of Decatur limits. <br /> WHEREAS, the "City" and the "Financial Institution" wish to spur redevelopment, <br /> preserve existing housing stock and improve the physical environment within the City of Decatur <br /> by providing mortgage money to assist low- and moderate- income families in the purchase of <br /> existing homes; and <br /> WHEREAS, the "City" and the"Financial Institution" have agreed to establish and <br /> administer funds for the purpose of providing mortgage loan money as above described, and <br /> have further agreed to work together on such mortgage loan program; and <br /> WHEREAS, the "City" has received funding from the U.S. Department of Housing and <br /> Urban Development(HUD) to provide a down payment assistance program for low-income <br /> homebuyers; <br /> NOW, THEREFORE, for and in consideration of the mutual promises and obligations <br /> made and assume�herein, the "City" and the"Financial Institution" agree as follows: <br /> , <br /> l. The program established by the provisions of this Agreement shall be known as <br /> the "HOME" Buyer pown Payment Assistance Program ("the Program"). <br /> 2. The "Program" shall be made available to any income-eligible applicant who is a <br /> first time homebuyer. An applicant's maximum gross annual househoid income may not exceed <br /> 80% of the area median, according to figures provided annually by the U.S. Department of <br /> Housing and Urban Development. The term " first-time homebuyer" means an individual and his <br /> 1 <br />