Item 13 - Affordable Housing Project at 1411 N Broadway

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EXHIBIT 3 “Low HOME Rent” means rent that does not exceed thirty percent (30%) of the adjusted income of a household whose annual income is equal to or less than fifty percent (50%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by HUD for the HOME-ARP rent limits. “Median Income for the Area” means the median income for the Orange County, California PMSA as most recently determined by HUD. Also may be referred to interchangeably in the Loan Documents as “Area Median Income” or “AMI”. In the event that such income determinations are no longer published, or are not updated for a period of at least eighteen (18) months, the City shall provide the Developer with other income determinations which are reasonably similar with respect to methods of calculation to those previously published by HUD and the State. "Operating Reserves" shall mean reserves maintained during the Term of Agreement and funded out of Residual Receipts, loan advances, equity, or other sources and set aside for taxes and assessments, insurance premiums, operating expenses, and debt service. Operating Reserves shall not exceed the amount required to pay three (3) months of operating expenses and three (3) months of mandatory debt service, or such higher amount required by a project lender or by the Tax Credit Investor. “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Developer, dated on or about the same date hereof March __, 2023, as said Partnership Agreement may be amended from time to time. "Permitted Encumbrances for the Affordable Housing Restrictions" means, collectively, the Senior Loan Deed of Trust and all other title exceptions and limitations with respect to the Property hereafter approved by the Executive Director in writing. "Permitted Encumbrances for the City Loan Deed of Trust" means, collectively, the Senior Loan Deed of Trust and all other title exceptions and limitations with respect to the Property hereafter approved by the Executive Director in writing. "Project" means the possession of a leasehold interest and construction and ownership of improvements on the Property by Developer pursuant to this Agreement. "Project Budget" means the line-item development cost budget for the Project attached hereto as Exhibit C, as modified from time to time in accordance with this Agreement. "Project Costs" means all costs of any nature incurred in connection with the Project in accordance with generally accepted accounting principles. "Property" means the Property that is located at 1411 North Broadway (APN 398- 523-04), within the City of Santa Ana, and is more fully described in the “Legal Description” of the Property attached hereto as Exhibit A and incorporated herein by reference. 7 WISEPlace Permanent Supportive Housing City HOME-ARP Loan Agreement