CORNERSTONE HOUSING PARTNERS LP (3)

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and assumed the housing assets and functions of the CRA. Therefore, as of February 1, 2012, the Housing Authority became and serves as the Housing Successor Agency of the former CPA pursuant to the Dissolution Act. 1. The housing assets that transferred from the CRA to the Housing Authority include real property, contracts, leases, books and records, the loan portfolio, buildings, equipment, encumbered funds, and the Low and Moderate Income Housing Asset Fund, collectively referred to as Housing Assets pursuant to section 34176 of the Dissolution Act. J. Accordingly, the Housing Authority, acting as the Housing Successor Agency, now has all "rights, powers, assets, liabilities, duties and obligations" relating to the Housing Assets, obligations, and functions of the former CRA pursuant to section 34181 of the Dissolution Act. K. In connection with the Original Developer's sale of the Property to Developer (the "Developer Sale"), Original Developer and Developer desire to enter into that certain Assignment and Assumption Agreement (Housing Successor Agency Loan) by and between the Original Developer and the Developer to effectuate the assignment of the Housing Successor Agency Loan Agreements to Developer (the "Assignment"), and the Agency has consented to such Developer Sale and Assignment. L. In connection with the Assignment, the parties desire to amend and restate said Housing Successor Agency Loan Agreements in order to: restate the terms of the Housing Successor Agency Loan Agreements; extend the Tenn of the Housing Successor Agency Loan Agreements, and to set all affordable rents at the Project based on Tax Credit Allocation Committee ("TCAC") rents, instead of the existing State of California Health and Safety Code rents. M. On November 20, 2018, the Housing Authority authorized the Executive Director of the Housing Authority to execute a commitment letter to resubordinate the Housing Successor Agency Loan Agreements for the Cornerstone Apartments to tax- exempt multifamily bonds in an amount not to exceed $8,700,000. The Housing Authority also authorized the Executive Director to level all rents onsite at the 50% TCAC rents instead of the existing Health and Safety Code rents. No new Housing Successor Agency funds are being provided to the Project, N. On September 17, 2019, the Housing Authority authorized the reubordination of the Housing Successor Agency Loan Agreements for the Cornerstone Apartments to a $17,250,000 construction loan, which will be reduced to $11,100,000 in connection with the conversion of the construction loan to a permanent loan. O. The Developer has received a new allocation of 4% low-income housing tax credits in order to resyndicate and recapitalize the Project and rehabilitate the 126 affordable rental units, as is typical after the 15 year TCAC compliance period. P. This Agreement and all of its attachments shall be enforceable by Agency in accordance with the terms thereof. Each of this Agrecment, the Affordability Restrictions on Transfer of Property, the Housing Successor Agency Loan Note and the