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FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 6103 & 27383 <br />When Recorded Mail to: <br />City of Santa Ana <br />Clerk of the Council <br />20 Civic Center Plaza (M-30) <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />Attention: Clerk of the Council <br />AFFORDABILITY RESTRICTIONS <br />ON TRANSFER OF PROPERTY <br />{Address: 609 N. Spurgeon St., Santa Ana, California) <br />THESE AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the <br />"Restrictions") are entered into by and between Legacy Square, L.P., a California limited <br />partnership ("Developer") and the City of Santa Ana, a charter city and municipal corporation <br />("City"). <br />RECITALS: <br />A. The City's Housing Opportunity Ordinance ("Ordinance") was originally adopted <br />by the City Council on November 28, 2011 (Ordinance No. NS-2825), and is codified in Article <br />XVIILI of the Santa Ana Municipal Code ("SAMC"). The Ordinance was amended by the City <br />Council on September 1, 2015 (Ordinance No. NS-2881), and on October 6, 2015 (Ordinance No. <br />NS-2885). The Ordinance established standards and procedures to encourage the development of <br />housing that is affordable to a range of households with varying income levels. Pursuant to SAMC <br />section 41-1904(c), developers may pay an in -lieu fee in certain instances to satisfy the <br />inclusionary requirements. These fimds are deposited into the hiclusionary Housing Fund, as <br />defined by SAMC section 41-1901, and are to be used to increase and improve the supply of <br />affordable housing per SAMC section 41-1909. <br />B. Developer, acting by and through its representative and agent, National Community <br />Renaissance of California, a California public benefit corporation ("NCRC"), requested financial <br />assistance in connection with the proposed acquisition, development, construction, ownership, <br />occupancy, and operation of a ninety-three (93) unit affordable housing complex ("Project") to be <br />located at 609 N. Spurgeon St., Santa Ana, California (to be re -designated as 301 East Santa Ana <br />Boulevard), and legally described within Exhibit A of the Inclusionary Loan Agreement hereto <br />and incorporated herein ("Property"). By voluntary decision of the Developer (but subject to <br />restrictions set forth below), at least forty-four (44) of the units will be affordable to family <br />households earning no more than 30% of the Area Median Income ("AMI") and of those units <br />thirty-three (33) will be reserved as permanent supportive housing ("PSH"); thirty-one (31) of the <br />1076\53\1379664.2 <br />