TINY TIM LP (C/O COMMUNITY DEVELOPMENT PARTNERS)

Home Browse Search

IN-WRANCE N01" RE)UIRE IJ WORK k1AY P!4OGEFO (l b" K 01, COUNGII. 'DITC' APR 2 3 2010 t>hW FREE RECORDING REQUESTED PURSUANT C�wwiM AwoTO GOVERNMENT CODE SECTION 6103 & 27383 When Recorded Mail to: City of Santa Ana Clerk of the Council 20 Civic Center Plaza (M-30) P.O. BOX 1988 Santa Ana, California 92702 Attention: Clerk of the Council AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (Address: 2223 West Fifth Street, Santa Ana, California) A-2019-058-01 THESE AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the "Restrictions") are entered into by and between Tiny Tim LP, a California limited partnership ("Developer") and the City of Santa Ana, a charter city and municipal corporation ("City"). RECITALS: A. The City's Housing Opportunity Ordinance ("Ordinance") was originally adopted by the City Council on November 28, 2011 (Ordinance No. NS -2825), and is codified in Article XVIII.I of the Santa Ana Municipal Code ("SAMC"). The Ordinance was amended by the City Council on September 1, 2015 (Ordinance No. NS -2881), and on October 6, 2015 (Ordinance No. NS -2885). The Ordinance established standards and procedures to encourage the development of housing that is affordable to a range of households with varying income levels. Pursuant to SAMC section 41-1904(c), developers may pay an in -lieu fee in certain instances to satisfy the inclusionary requirements. These funds are deposited into the Inclusionary Housing Fund, as defined by SAMC section 41-1901, and are to be used to increase and improve the supply of affordable housing per SAMC section 41-1909. B. Developer, acting by and through its representative and agent, Community Development Partners, a California corporation ("CDP") requested financial assistance in connection with the proposed acquisition.., development, constriction, ownership, occupancy, and operation of a fifty-one (51) unit affordable housing complex ("Project") to be located at 2223 West Fifth Street, Santa Ana, California, and legally described within Exhibit A of the Inclusionary Loan Agreement hereto and incorporated herein ("Property"). At least fifteen (15) of the units will be affordable to family households earning no more than 30% of the Area Median hncome ("AMI"); five (5) of the units affordable to family households earning no more than 50% of the AMI; and thirty (30) of the units affordable to family households earning no more than 60% of the AM]. Office space within the development will be provided for use as a police substation which at a minimum will have room for a desk, phone, and computer that could be set up by the 1076\53\I