Item 27 - Public Hearing - Approve an Amended and Restated Regulatory Agreement for Garden Court Apartments Rehabilitation Project

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EXHIBIT 1 AMENDED AND RESTATED AGREEMENT CONTAINING AFFORDABLE HOUSING COVENANTS (Garden Court Apartments) THIS AMENDED AND RESTATED AGREEMENT CONTAINING AFFORDABLE HOUSING COVENANTS (this "Agreement") is entered into as of 2024, by and among ORANGE HOUSING DEVELOPMENT CORPORATION, a California nonprofit corporation ("OHDC"), and THE CITY OF SANTA ANA, a municipal corporation and charter city (the "City"). WHEREAS, OHDC is the owner of that certain real property (the "Property") located in the City of Santa Ana more particularly described in Attachment No. 1 which is attached hereto and incorporated herein by this reference; and WHEREAS, the City, the Community Redevelopment Agency of the City of Santa Ana, a public body, corporate and politic ("Agency") and OHDC entered into that certain Agreement Containing Covenants (Garden Court Apartments Apartments) (the "Original Agreement"), dated as of May 26 1994, and recorded on May 26, 1995 as Document No. 95-0225207 in the Official Records of Orange County (the "Official Records"), which provides that the Owner would operate the Property as affordable housing with specified income, occupancy and rent restrictions. WHEREAS, the Project was previously financed with a loan from the City under the HOME Investment Partnerships Act (the "HOME Program"). The Project complied with the minimum period of affordability for the HOME Program as set forth in 24 CFR 92.252 by providing affordable housing to very low income households for a period of no less than twenty (20) years. The Project now requires rehabilitation to continue providing safe, decent, and quality affordable housing. Therefore, OHDC is requesting a modification of the Original Agreement to remove the HOME Program affordability requirements and impose affordability requirements consistent with the low-income housing tax credit program, as implemented by the California Tax Credit Allocation Committee, as further set forth herein. WHEREAS, OHDC desires to refinance and rehabilitate the Project. In connection with the refinance and rehabilitation of the Project, the City and OHDC desire to amend and restate the Original Regulatory Agreement in its entirety with this Agreement. WHEREAS, the City agrees to this Amended and Restated Agreement Containing Affordable Housing Covenants to allow for the OHDC to complete the rehabilitation, reconstruction, improvement or addition to, or replacement of, dwelling units of a previously existing low -rent housing project, or a project previously or currently occupied by lower income households, as defined in Section 50079.5 (the "Project"), on the terms and conditions set forth herein. NOW, THEREFORE, CITY AND OHDC COVENANT AND AGREE AS FOLLOWS: 1. OHDC covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Property or any part thereof (the "Owner") that Owner, such successors, 1 Error! Unknown document property name.