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� r ' ' <br /> AGREEMENT <br /> This Agreement by and between the City of Decatur, Illinois, a municipal corporation, <br /> ("City"), and ("Financial Institution"). <br /> WHEREAS, the City and the Financial Institution wish to spur redevelopment,preserve <br /> existing housing stock and improve the physical environment within the City of Decatur by <br /> 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 I <br /> WHEREAS,the City has received funding from the U.S. Department of Housing and <br /> Urban Development (HUD)to provide a downpayment assistance program for low-income <br /> homebuyers, and from the Illinois Housing Development Authority(IHDA)through the <br /> American Dream Downpayment Initiative (ADDI) established by HLTD to assist certain <br /> applicants for the Homebuyer Program; <br /> NOW, THEREFORE, for and in consideration of the mutual promises and obligations <br /> made and assumed herein, the City and the Financial Institution agree as follows: <br /> 1. The program established by the provisions of this Agreement shall be known as <br /> The Decatur/ADDI Homebuyer Program ("the Program"). <br /> 2. The Program shall be made available to any income-eligible applicant who is a <br /> first time homebuyer. To be income eligible, an applicant's maximum gross annual household <br /> income may not exceed 80%of the area median, according to figures provided annually by the <br /> U.S. Department of Housing and Urban Development. The term " first-time homebuyer" <br /> 1 <br />