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LOAN AGREEMENT INCLUSIONARY HOUSING PROGRAM THIS LOAN AGREEMENT ("Agreement") dated, for identification purposes only, as of December 15, 2020, is made and entered into by and between the City of Santa Ana, a charter city and municipal corporation ("City"), and Legacy Square L.P., a California limited partnership ("Developer") with reference to the following: 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 XVIILI 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, National Community Renaissance of California ("NCRC"), a California nonprofit public benefit corporation requested financial assistance in connection with the proposed development of a ninety-three (93) unit affordable housing complex (the "Project") to be located at 609 N. Spurgeon St., Santa Ana, California (to be re -designated as 301 East Santa Ana Boulevard), and legally described within Exhibit A attached hereto and incorporated herein (the "Property"). By voluntary decision of the Developer (but subject to restrictions set forth below), at least forty-four (44) of the units will be affordable to family households earning no more than 30% of the Area Median Income ("AMI") and of those units thirty-three (33) will be reserved as permanent supportive housing ("PSH"); thirty-one (31) of the units will be affordable to family households earning no more than 50% of the AMI; seventeen (17) of the units affordable to family households earning no more than 60% of the AMI; and there will be one (1) manager's unit. The Project unit mix adopted voluntarily by the Developer consists of: PSH - 30% AMI 30% AMI 50% AMI 60% AMI Total 1-bedroom 30 30 2-bedroom 3 6 18 11 38 3-bedroom 5 13 6 24 2-bedroom Manager 1 Total 33 11 31 17 93 55A-15