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June 20, 2017
<br />AMCAL 1440 Santa Ana Fund, L.P.
<br />AMCAL Multi -Housing, Inc.
<br />Attn: Mario Turner, Vice President Development
<br />17862 E. 17th Street, Suite 209
<br />Tustin, CA 92780
<br />SUBJECT: 69 Unit Multi -Family Housing Project
<br />1440 East First Street, Santa Ana, California
<br />Dear Mr. Turner,
<br />AMCAL 1440 Santa Ana Fund, L.P., a California limited partnership ("Developer")
<br />requested financial assistance in connection with the proposed development of a 69 unit affordable
<br />housing complex to be located at 1440 East First Street, Santa Ana, California ("Project"). The
<br />Housing Authority of the City of Santa Ana ("Housing Authority") has reviewed the Developer's
<br />request for assistance and at the Housing Authority meeting on June 20, 2017, the Housing Authority
<br />Board authorized and approved issuance of this pre -commitment letter evidencing the preliminary
<br />award of $8,522,740 of funds to the Project (the "Agency Assistance"), which Agency Assistance
<br />shall be funded exclusively from the Low and Moderate Income Housing Asset Fund (the
<br />"LMIHAF") held by the Housing Authority of the City of Santa Ana acting as the Housing Successor
<br />Agency (the "Agency"). The Agency and the Developer have mutually agreed upon the pre -
<br />commitment of Agency Assistance in the maximum amount of $8,522,740.
<br />The purpose of this letter is to provide a pre -commitment from the Agency for a loan of up to
<br />$8,522,740 ("Agency Loan") from the LMIHAF held by the Housing Successor Agency. The Agency
<br />intends that this letter evidence the Agency's pre -commitment of the Agency Assistance to the
<br />Developer for the Project subject to the conditions described below. The Agency Loan Agreement
<br />for these funds requires Housing Authority Board approval prior to execution by the Developer and
<br />the Agency.
<br />The amount of the proposed Agency Loan has been determined based upon the Agency's
<br />review of the Developer's request for the receipt of the Agency Assistance and the development
<br />proforma and projected cash flows for the Project submitted by the Developer to the Agency as of
<br />March 18, 2016 ("Proforma"). The Housing Authority's Executive Director has authority to approve
<br />SANTA ANA CITY COUNCIL
<br />Miguel A. Pulido Michele Martinez Vicente Sarmiento Jose Soloria P. David Benavides Juan Villegas Sal Tinajero
<br />Mayor Mayor Pro Tem. Ward 2 Ward 1 3 Ward 4 Ward 5 Ward 6
<br />mpulidoCosanla-ana.ora mimartinezasarta-ana.org vsarmientoCaisanta-ana.org anaorg dbenavides0santa-ana.ora jvillegiassainta-aina.orqslinaieroAsanla-ana.ora
<br />EXHIBIT 2
<br />MAYOR
<br />INTERIM CITY MANAGER
<br />Miguel A. Pulido
<br />r
<br />Cynthia Kurtz
<br />MAYOR PRO TEMs
<br />CITY ATTORNEY
<br />Michele Martinez
<br />Sonia R. Carvalho
<br />COUNCiLMEMBERS
<br />CLERK OF THE COUNCIL
<br />P. David Benavides
<br />a
<br />Maria D. Huizar
<br />Vicente Sarmiento
<br />*T,
<br />Jose Solorio
<br />Sal Tinajero
<br />Juan Villegas
<br />CITY OF SANTA ANA
<br />20 Civic Center Plaza • P.O. Box 1988
<br />Santa Ana, California 92702
<br />714-647-6900
<br />www.santa-ana.org
<br />June 20, 2017
<br />AMCAL 1440 Santa Ana Fund, L.P.
<br />AMCAL Multi -Housing, Inc.
<br />Attn: Mario Turner, Vice President Development
<br />17862 E. 17th Street, Suite 209
<br />Tustin, CA 92780
<br />SUBJECT: 69 Unit Multi -Family Housing Project
<br />1440 East First Street, Santa Ana, California
<br />Dear Mr. Turner,
<br />AMCAL 1440 Santa Ana Fund, L.P., a California limited partnership ("Developer")
<br />requested financial assistance in connection with the proposed development of a 69 unit affordable
<br />housing complex to be located at 1440 East First Street, Santa Ana, California ("Project"). The
<br />Housing Authority of the City of Santa Ana ("Housing Authority") has reviewed the Developer's
<br />request for assistance and at the Housing Authority meeting on June 20, 2017, the Housing Authority
<br />Board authorized and approved issuance of this pre -commitment letter evidencing the preliminary
<br />award of $8,522,740 of funds to the Project (the "Agency Assistance"), which Agency Assistance
<br />shall be funded exclusively from the Low and Moderate Income Housing Asset Fund (the
<br />"LMIHAF") held by the Housing Authority of the City of Santa Ana acting as the Housing Successor
<br />Agency (the "Agency"). The Agency and the Developer have mutually agreed upon the pre -
<br />commitment of Agency Assistance in the maximum amount of $8,522,740.
<br />The purpose of this letter is to provide a pre -commitment from the Agency for a loan of up to
<br />$8,522,740 ("Agency Loan") from the LMIHAF held by the Housing Successor Agency. The Agency
<br />intends that this letter evidence the Agency's pre -commitment of the Agency Assistance to the
<br />Developer for the Project subject to the conditions described below. The Agency Loan Agreement
<br />for these funds requires Housing Authority Board approval prior to execution by the Developer and
<br />the Agency.
<br />The amount of the proposed Agency Loan has been determined based upon the Agency's
<br />review of the Developer's request for the receipt of the Agency Assistance and the development
<br />proforma and projected cash flows for the Project submitted by the Developer to the Agency as of
<br />March 18, 2016 ("Proforma"). The Housing Authority's Executive Director has authority to approve
<br />SANTA ANA CITY COUNCIL
<br />Miguel A. Pulido Michele Martinez Vicente Sarmiento Jose Soloria P. David Benavides Juan Villegas Sal Tinajero
<br />Mayor Mayor Pro Tem. Ward 2 Ward 1 3 Ward 4 Ward 5 Ward 6
<br />mpulidoCosanla-ana.ora mimartinezasarta-ana.org vsarmientoCaisanta-ana.org anaorg dbenavides0santa-ana.ora jvillegiassainta-aina.orqslinaieroAsanla-ana.ora
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