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LOAN AGREEMENT <br />NEIGHBORHOOD STABILIZATION PROGRAM <br />THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, <br />as of July 21, 2022, is made and entered into by and between the City of Santa Ana, a <br />charter city and municipal corporation (referred to herein as "City") and Washington Santa <br />Ana Housing Partners, L.P., a California limited partnership (referred to herein as <br />"Developer"), with reference to the following: <br />RECITALS: <br />A. This Agreement is made pursuant to the authority of Title XII of Division A of the <br />American Recovery and Reinvestment Act of 2009 (Public Law 111-5 {February 17, <br />20091) (Recovery Act) and sections 2301-2304 of the Housing and Economic Recovery <br />Act of 2008 (Public Law 110-289 {July 30, 2008}) (HERA). Section 2301-2304 of HERA <br />is known as the "Neighborhood Stabilization Program" or "NSP" with money fimded <br />through the Program as "NSP Funds"; <br />B. The Housing Authority of the City of Santa Ana ("Housing Authority") owns one <br />parcel located at 1136 East Washington Avenue (APN 398-092-14) totaling approximately <br />1.43 acres of land area ("Housing Authority Parcel"). The County of Orange ("County") <br />owns an adjacent parcel (APN 398-092-13) totaling approximately 0.85 acres of land area <br />("County Parcel"). The two parcels will be merged into one parcel ("Property") and co - <br />owned by the Housing Authority and the County as Tenants -In -Common. <br />C. The Housing Authority and the County will ground lease the Property to the <br />Developer (the "Ground Lease") for sixty-two (62) years from the Certificate of Completion, <br />but no more than sixty-five (65) years from the date of execution of the Ground Lease. <br />D. In furtherance of the NSP Program, Developer has applied to the City for a loan <br />with which to: <br />1. provide deeper affordability for a longer term, as well as acquire and <br />construct the Property, and <br />2. thereafter to maintain, operate and professionally manage the Property <br />as decent, safe, sanitary and affordable rental housing. <br />E. City, on certain terns and conditions, desires to make such loan to Developer in <br />order to make possible the construction of the Property, to expand the supply of decent, <br />safe, sanitary and affordable housing. <br />F. If there is any discrepancy between Federal and State guidelines with regard to any <br />of the terms and conditions contained herein, the more stringent shall apply. <br />G. This Agreement and all of its attachments shall be enforceable by City in <br />accordance with the terms thereof. Each of the Agreement, the Affordability Restrictions <br />1 <br />The Crossroads at Washington <br />City NSP Loan Agreement <br />