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1 <br />2 <br />113 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />2C <br />21 <br />219` <br />X <br />21 <br />2' <br />21 <br />2' <br />2 <br />Lots and reconveyances with respect to the Deeds of Trust upon payment of the Promissory <br />Notes; and <br />WHEREAS, the Agency Board desires to expedite the implementation of the Agency <br />Lot Sales Program and the Agency Lot Financing Program; and <br />WHEREAS, the Agency has developed a citywide mortgage assistance program to <br />provide financing to purchasers meeting certain qualifications ("qualified homebuyers") to <br />assist such qualified homebuyers in acquiring residences in the City of Colton (the "Mortgage <br />Assistance Program"); and <br />WHEREAS, loans made to qualified homebuyers under the Mortgage Assistance <br />Program are evidenced by promissory notes (the "MAP Promissory Notes") and secured by <br />deeds of trust on the residences being purchased (the "MAP Deeds of Trust"); and <br />WHEREAS, purchase money grants to qualified homebuyers under the Mortgage Assistance <br />Program are made pursuant to Qualified Homebuyer Grant Assistance Agreements; and <br />WHEREAS, the Mortgage Assistance Program contemplates the execution and <br />delivery by the Agency of reconveyances with respect to the MAP Deeds of Trust upon <br />payment of the MAP Promissory Notes; and <br />WHEREAS, the Agency Board desires to expedite the implementation of the <br />Mortgage Assistance Program; and <br />WHEREAS, in connection with its affordable housing activities, the Agency has <br />undertaken an Acquisition, Rehabilitation and Resale Program utilizing HUD's "Direct Sales" <br />program (the "ARR Program"); and <br />2 <br />