Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 LOAN AGREEMENT HOME-ARP PROGRAM THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, as of [March 7], 2023, 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 Broadway Housing Partners LP, a California limited partnership (referred to herein as “Developer”), with reference to the following: RECITALS: A.City has received an allocation of HOME-American Rescue Plan (HOME-ARP) funds from the United States Department of Housing and Urban Development ("HUD") under Section 3205 of the American Rescue Plan Act of 2021 (P.L. 117-2)) (“ARP) to be implemented through the HOME Investment Partnerships Program (the "HOME Program") (42 U.S.C. §12701, et seq.,) and to be used in accordance with applicable statutory requirements, regulations, and guidance, including but not limited to HUD Notice CPD-21-10, and its appendices, inclusive of the Waivers and Alternative Requirements for HOME Investment Partnerships (collectively, the “HOME-ARP Notice”) and the HOME Regulations (24 CFR Part 92); B.WISEPlace, a California nonprofit public benefit corporation (“WISEPlace”), is the owner of fee simple title to certain property located at 1411 North Broadway (APN 398- 523-04), in the City of Santa Ana, totaling approximately 0.60 acres of land area (“the Property”). WISEPlace intends to ground lease the Property to the Developer (the “Ground Lease”) for [sixty-five (65) years] from the Commencement Date of the Ground Lease. C.The Developer is a limited partnership, whose sole general partner is JHC-North Broadway LLC, a California limited liability company (the “General Partner”). WISEPlace and Jamboree Housing Corporation (“JHC”), a California non-profit public benefit corporation, are the sole members of the General Partner. The Developer will adaptively reuse one existing building on the Property and construct, own and operate an additional building on the Property to accommodate a forty-eight (48) unit multifamily affordable housing project (“Project”). D.In furtherance of the HOME-ARP Program, the Developer has applied to the City for a loan with which to: 1. provide deeper affordability for a longer term, as well as to construct the Property, and 2. thereafter to maintain, operate and professionally manage the Property as decent, safe, sanitary and affordable rental housing. E.City, on certain terms and conditions, desires to make such loan to Developer in order to make possible the construction of the Property, to expand the supply of decent, safe, sanitary and affordable housing. 1 WISEPlace Permanent Supportive Housing City HOME-ARP Loan Agreement