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<br /> <br /> <br /> <br />The City of Santa Ana (“City”) has reviewed the Developer's request for financial <br />assistance, and at the City Council meeting on March 4, 2025, the City Council <br />authorized and approved the issuance of this pre-commitment letter evidencing a <br />commitment to reserve $920,000.00 (the "City Assistance") in Inclusionary Housing <br />Funds as follows: (1) an allocation of $720,000 to the City's Down Payment Assistance <br />Program (the "Down Payment Assistance Program Allocation"), and (2) a conditional <br />award up to $200,000 for eligible relocation costs (the "Conditional Relocation <br />Allocation"). The City Assistance will be available to Low and Moderate -Income <br />households. Current residents of the Property with household incomes of less than <br />120% AMI and that qualify to purchase a unit within the Property will be given the right <br />of first refusal to purchase a unit. The Down Payment Assistance Allocation shall be <br />available for down payment assistance to individual households, structured as a silent <br />mortgage based on homebuyer eligibility (the "Homebuyer Down Payment Assistance"). <br />Homebuyers must meet the eligibility requirements for the Developer’s Affordable <br />Homeownership Program with a residency preference for local workers and residents of <br />Santa Ana in accordance with Santa Ana Municipal Code Section 8-3500. Conversion <br />and construction will comply with all City of Santa Ana, County, and State building <br />codes. The Conditional Relocation Allocation will be available upon a determination by <br />the City that the Project is subject to relocation benefits under California Government <br />Code §§ 7260 or 66300.6. <br /> <br />This letter shall evidence the City’s pre-commitment of the City Assistance to the <br />Developer for the Project subject to the conditions described below. <br /> <br />City Assistance: <br /> <br />The amount of the proposed City Assistance has been determined based upon the <br />City’s review of the Developer's request for the receipt of the City Assistance targeting <br />Low and Moderate Income Households. <br /> <br />The City Assistance shall be conditioned on and include the following terms: <br /> <br /> City and Developer shall enter into a Memorandum of Understanding ("MOU") <br />that sets forth terms under which the City shall provide the Homebuyer Down <br />Payment Assistance and Conditional Relocation Allocation. <br /> <br /> The Homebuyer Down Payment Assistance shall be available for Low and <br />Moderate Income Households with income that does not exceed 120% of the <br />Orange County AMI as set by the Department of Housing and Urban <br />Development (“HUD”). <br /> <br /> The MOU may, but is not required to, include provisions that govern if and how <br />the City Assistance may be used in the event the total authorized Homebuyer <br />Down Payment Assistance loans are less than the amount of the award in this <br />pre-commitment ($720,000.00). The MOU may make these provisions subject to <br />approval from the City Manager of an amended MOU. <br /> <br />EXHIBIT 4