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EXHIBIT 2 <br />A total of two units in the Project are restricted as floating HOME units, occupied by <br />very -low households (one one -bedroom unit and one two-bedroom unit). <br />3. The HOME Loan terms are as follows: <br />a. A total of $352,963 will be disbursed to the Developer for eligible costs related <br />to the construction of the two HOME assisted units. <br />b. A 3.0% simple interest rate. <br />C. The outstanding loan balance will be due and payable at the end of the 55 year <br />term if the Project is not in default. <br />d. The loan is secured by a of trust that will be subordinated to the <br />construction/permanent loans, OCCF Loan and SNHP Loan. <br />e. Annual payments will be made to the City based on 50% of residual receipts <br />after the OCCF and SNHP loan payment have been made. <br />The following verifies that the written agreement includes the provisions required in Section <br />92.504: <br />Required Provisions <br />Use of HOME Funds <br />Included. <br />Written <br />Agreement <br />®7 <br />Written <br />Agreement <br />5.A.1 <br />Affordability® <br />7.1 <br />Project is identified by Address or Legal Description <br />Exhibit A <br />Project Requirements <br />® <br />7 <br />Property Standards <br />® <br />11.11 <br />Other Federal Requirements <br />® <br />11 <br />Affirmative Marketing <br />11.9 <br />Requests for Disbursement of Funds <br />® <br />6.2 <br />Records & Reports <br />® <br />11.16 <br />Enforcement of the Agreement <br />® <br />20 <br />Duration of the Agreement <br />® <br />Definitions <br />Conditions for Religious Organizations <br />® <br />11.33 <br />CHDO Provisions <br />7.8 & 11.1 <br />Identifies all Parties to the Agreement <br />® <br />Recitals <br />Provides dated signatures for each Party <br />21.16 <br />Recommended Additional Provisions: <br />- Description of Project <br />® <br />Exhibit B <br />■ Roles & Responsibilities <br />❑ <br />■ Conflict of Interest <br />® <br />11.18 <br />■ Monitoring <br />® <br />11.19 <br />City of Santa Ana Underwriting & Subsidy Layering Review: Veteran's Village Page 1 18 <br />25L-28 <br />