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EXHIBIT 3 <br />AMENDED AND RESTATED LOAN AGREEMENT <br />HOMEPROGRAM <br />THIS AMENDED AND RESTATED LOAN AGREEMENT (the "Agreement") <br />dated, for identification purposes only, as of September 17, 2019, is made and entered into <br />by and between the City of Santa Ana, a charter city and municipal corporation (referred <br />to herein as "City") and CORNERSTONE HOUSING PARTNERS LP, a California <br />limited partnership, with reference to the following: <br />RECITALS: <br />A. City has received an allocation of funds from the United States Department of <br />Housing and Urban Development ("HUD") under the HOME Investment Partnerships <br />Program (the "HOME Program") (42 U.S.C. § 12701, et seq.,) to be used in accordance <br />with applicable statutory requirements and regulations (the "HOME Regulations") (24 <br />CFR Part 92); <br />B. Among the purposes of the HOME Program are (1) to expand the supply <br />of decent, safe, sanitary, and affordable housing, with primary attention to rental housing, <br />for very low-income and low-income Americans; and (2) to provide participating <br />jurisdictions, on a coordinated basis, with the various forms of federal housing assistance, <br />including capital investment, mortgage insurance, rental assistance, and other federal <br />assistance, needed (a) to promote the development of partnerships among the federal <br />government, states and units of general local government, private industry, and nonprofit <br />organizations able to utilize all available resources to provide more of such housing, and <br />(b) to expand the capacity of nonprofit Community Housing Development Organizations <br />to develop and manage decent, safe, sanitary and affordable housing; <br />C. Developer is the owner of that certain real property located at 805, 810, 815, <br />816, 825, 828, 835, and 904 S. Minnie Street, Santa Ana, California and commonly referred <br />to as the Cornerstone Apartments, and legally described in Exhibit A attached hereto and <br />incorporated herein by reference ("Property"). <br />D. The City of Santa Ana ("City") and Wakeham-Grant Apartments, L.P. (the <br />"Original Developer") previously entered into the HOME Loan Agreements recorded in <br />Official Records of Orange County and the Owner Participation Agreements (collectively, <br />"HOME Loan Agreements") described in Exhibit G. <br />E. The purpose of said HOME Loan Agreements was to assist with the <br />rehabilitation of a 126-unit residential housing development on the Property ("Project"). <br />F. In connection with the Original Developer's sale of the Property to <br />Developer (the "Developer Sale"), Original Developer and Developer desire to enter into <br />that certain Assignment and Assumption Agreement (HOME Loan) by and between the <br />Original Developer and the Developer to effectuate the assignment of the HOME Loan <br />Agreements to Developer (the "Assignment"), and the City has consented to such <br />Developer Sale and Assignment. <br />2 <br />