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EXHIBIT 3 LOAN AGREEMENT CDBG PROGRAM THIS LOAN AGREEMENT(the "Agrccmcnt") dated, for identification purposes only, as of April 20, 2021, is made and entered into by and between the City of Santa Ana, a charter city and municipal corporation (referred to herein as -City") and North Harhor Housing Parmers LP, a California limited partnership, with rcli:renec to the following_ RECITALS: A- City has received an allocation of fluids from the United States Department of Housing and Urban Development ("HUD") Wider the CoinnALuity Development Block Grant progntm pursuant to Title I of the Housing and Community Development Act of 1971, as amended (the "CD116 Program") (12 U.S.C. §530.1, et scq.) to hcuscd in accordance with applicable statulory requirements and regulations (the "C:DFl(i Regulations") (24 CFR Part 570); B. Among the purposes of the CDBG Program are (1) provide decent housing and a suitable living environment, and (2) expand economic oppottunities for low- and moderate -income persons; C. Devcluper is the owner ofthat certain pruperty commonly known as 1 108 North I larbor Boulevard, within the City ofSama Ana, California, and legally described in F_xhibit A ;11tache(I herelo (the "Properly"). "I he loans rel'erenced herein shall assist in the acquisition and rehabilitation of said Property lirr a multifamily residential housing development. D. In fintherance of the CDBG Program, Developer has applied to City for a Iran with which to. 1. provide deeper allordability for a longer tenn, as well as acquire and rehabilitate the Property, and 2, thereafter I mainlain, operate and professionally manage the Properly as decent, safe, sanitary and affordable rental housing. L. City, on certain terms and conditions, desire to make such loan to Developer in order to make possible the acquisition and rehabilitation of the Property, to expand The supply of decent, safe, sanitary and affordable housing- F- If t}tcre is any discrepancy between Federal and State guiticlines with rcgard to any of the terms and conditions contained herein, the more stringent shall apply. G- The Loan Agreement and all of its attachments shall be enforceable by Cily in accordance with the terms thereof- Each of the Loan Agrccmcnt, the Affordability Restrictions on Transfer of Property, the City/CDBG Loan Nou aird the City/CDBG Deed of Trust provide a means of enforcement by the City if Developer is in breach of its City Council . 21 — 6 4/20/2021