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32. AMENDMENT TO THE DEVELOPER AGREEMENT BETWEEN ORCHARD ESTATES APARTMENTS LIMITED PARTNERSHIP AND MARICOPA COUNTY COMMUNITY DEVELOPMENT DEPARTMENT MARICOPA HOME CONSORTIUM Approve Amendment No. 2 to the developer agreement (C-17-04-019-0-00) between Orchard Estates Apartments Limited Partnership, a for-profit limited partnership, as executed by Surprise Community Housing, Inc., general partner and Maricopa County. The amendment is to extend affordability period for the project for an additional two more years, until no earlier than March 1, 2024. The amendment will also extend the term on the Urban County HOME Loan Agreement-Attachment VIII, Exhibit B, Promissory Note, by extending the term an additional two (2) years and allow the Note to be due and payable in full upon no earlier than (a) twenty two years after completion of construction, or (b) March 1, 2024. Approve an updated Subordination Agreement to subordinate the Maricopa County Deed of Trust and Note to Freddie Mac- primary lien holder. All other provisions and requirements of the Urban HOME Loan agreement remain unchanged and are in full force and effect. This Amendment #2 does not impact the County’s General Fund. The HOME Loan Agreement was executed in November 2003 and project was completed in 2004. Total project cost was $9.5 million and Maricopa County provided $300,000 of HOME funds for the construction of Orchard Estates, an affordable rental housing apartment community in Surprise. The project accomplished low-income housing for the community. The County required that at least four (4) of the units in the project be for household whose income is at or less than 50% Area Median Income (AMI). The owner is currently refinancing the first mortgage through Freddie Mac to lower the interest rate and better position the property. This program is funded through a grant from the U. S. Department of Housing and Urban Development. (C-17-04-019-0-02)

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