Item 17 - Approve and Launch the New “My First Home” Program

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1 FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 6103 & 27383 When Recorded Mail to: City of Santa Ana 20 Civic Center Plaza, M-26 P.O. Box 1988 Santa Ana, California 92702 Attention: Housing Manager HOMEBUYER DOWN PAYMENT ASSISTANCE LOAN AGREEMENT THIS LOAN AGREEMENT (the “Agreement”) is made as of _____________, 202118, by and between _____________________________________ (“Borrower”) and the City of Santa Ana, a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California ( “City”). R E C I T A L S A.City is a recipient of Inclusionary Housing funds from the Housing Opportunity Ordinance pursuant to Sec. 41-1900. B.Borrower has entered into an agreement (the “Purchase Agreement”) to p purchase residential property, located at _______________________________________, Santa Ana, California, as more particularly described in the legal description, Exhibit A attached hereto and incorporated herein (the “Property”). Pursuant to the Purchase Agreement, the price to be paid for the Property is $____________________ (the “Purchase Price”). C.The City wishes to encourage a greater degree of owner-occupancy of residences in the neighborhoods of the City of Santa Ana. In order to promote this goal, the City has established its “My First Home Santa Ana” Homebuyer Down Payment Assistance Loan Program (the “Program”), under which the City will provide a subsidy in the form of a trust deed loan in the maximum amount of $12080,000.00 to an “Eligible Person or Family” (as defined elsewhere in this Agreement) toward the purchase of a residence within the City. D.The Program is implemented in accordance with the Housing Opportunity Ordinance, and will be modified whenever necessary to insure compliance with regulations and continued Program feasibility. EXHIBIT 2