Laserfiche WebLink
<br />1 <br />Westview House <br />City HOME Loan Agreement <br /> <br />LOAN AGREEMENT <br />HOME PROGRAM <br /> <br /> <br />THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, <br />as of May 17, 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 Westview House <br />LP, a California limited partnership (referred to herein as “Developer”), with reference to the <br />following: <br />RECITALS: <br />A. City has received an allocation of funds from the United States Department of <br />Housing and Urban Development ("HUD") under the HOME Investment Partnerships <br />Program (the "HOME Program") (42 U.S.C. §12701, et seq.,) to be used in accordance <br />with applicable statutory requirements and regulations (the "HOME Regulations") (24 <br />CFR Part 92); <br />B. At least 15% of the City's annual allocation of HOME Program funds is reserved <br />for Community Housing Development Organizations (the "HOME Program CHDO <br />funds"), and Mercy House CHDO, Inc. has been certified by the City on February 7, 2017 <br />and is in good standing as a Community Housing Development Organization (CHDO); <br />C. Developer is the owner of that certain property commonly known as 2530 and 2534 <br />Westminster Avenue, within the City of Santa Ana, California, and legally described in <br />Exhibit A attached hereto (the “Property”). The loans referenced herein shall assist in the <br />acquisition and new construction of said Property for a multifamily residential housing <br />development. <br />D. Westview Mercy House CHDO, LLC, the managing general partner of the <br />Developer, is wholly owned by Mercy House CHDO, Inc., which is on the City’s Approved <br />List of Community Housing Development Organizations and has been certified and <br />approved to utilize HOME Program CHDO funds. <br />E. In furtherance of the HOME 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 /> <br />2. thereafter to maintain, operate and professionally manage the Property <br /> as decent, safe, sanitary and affordable rental housing. <br />F. City, on certain terms and conditions, desires to make such loan to Developer in <br />order to make possible the acquisition and construction of the Property, to expand the <br />supply of decent, safe, sanitary and affordable housing. <br />EXHIBIT 3