Item 16 - Affordable Housing Project at 801, 807, 809 and 809 ½ E. Santa Ana Blvd

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Asset Fund (“LMIHAF”) in the principal amount of up to One Million Six Hundred Fifty- Six Thousand Nine Hundred Forty-Seven and No/100 Dollars ($1,656,947.00) for the lease, construction, ownership, operation, rehabilitation and other costs of the Project. 4. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS 4.1 Conditions Precedent. Agency's obligation to disburse the loan is subject to the satisfaction of the following conditions precedent: (a) Housing Authority. Review and approval of the documents evidencing the Agency Loan by the Board of the Housing Authority of the City of Santa Ana acting as the Housing Successor Agency. (b) Code Compliance. Compliance with California Health and Safety Code and applicable regulations set forth in Section 34176. (c) Environmental Review. Compliance with and completion of environmental review of the Project pursuant to the California Environmental Quality Act (“CEQA”) and approval thereof. (d) Affordability Restrictions. The funding of $1,656,947.00 is from the Low and Moderate Income Housing Asset Fund, which requires legal restrictions that the Agency cannot amend or repeal. Sixteen (16) of the “Housing Units” at the Project shall and will be restricted to affordable rents referenced in the Affordability Restrictions on Transfer of Property containing conditions, covenants and restrictions executed by Developer and Agency for a period not less than fifty-five (55) years recorded against the Project in the Official Records, County of Orange, California. Nine (9) of the units will be permanent supportive housing for households earning no more than 30% of the Area Median Income; Seven (7) of the units will be permanent supportive housing for households earning no more than 25% of the Area Median Income; and one (1) of the units is reserved for an on-site manager. (e) Loan Documents. Developer shall have delivered to the Escrow Holder, signed by the authorized officer or officers of Developer, with such signature(s) acknowledged where necessary, each of the following documents: (i) this Agency Loan Agreement; (ii) the Agency Promissory Note ($1,656,947.00); (iii) the Agency Deed of Trust; and, (iv) the Affordability Restrictions on Transfer of Property. (f) Title Insurance. Agency shall have received an American Land Title Association (ALTA) Extended Loan Policy (6-17-06), or evidence of a commitment therefore satisfactory to Agency, issued by Commonwealth Land Title Company and in form and substance satisfactory to Agency, together with all endorsements and binders EXHIBIT 4