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RESOLUTION NO. 79-217 PAGE FOUR a. Unless insured or guaranteed in whole or part by an instrumentality of the United States or the State of California or by a person licensed to insure loans in this state, outstanding loans on the property to be rehabilitated, including the amount of the loans for rehabilitation, shall not exceed eighty percent (80%) of the anticipated after-rehabili- tation value of the property to be rehabilitated, except that the City of Santa Ana may authorize loans, which are neither insured nor guaranteed, of up to ninety five percent (95%) of the antici- pated after-rehabilitation value of the property if (1) such loans are made for the purpose of rehabilitating the property for residential purposes (2) there is demonstrated need for such higher limit, and (3) there is a high probability that the value of the property will not be impaired during the term of the loan. Outstanding loans on property to be rehabilitated may be authorized up to ninety-seven percent (97%) of the antici- pated after rehabilitation value of the property, if the person to whom the loan is made is of low income, as defined in California Health and Safety Code S 50093. A nonprofit corpor- ation incorporated pursuant to Part I (commencing with Section 9000) of Division 2 of Title 1 of the Corporation's Code or a cooperative housing corporation, as defined in subdivision (a) of Section 17625 of the Revenue and Taxation Code, may be authorized a loan not exceeding either ninety eight percent (98%) or one hundred percent (100%) of the estimated after-rehabilitation value or of its total development cost, according to the standards for nonprofit housing sponsors set forth in Section 50958 of the Health and Safety Code of the State of California, if the dwelling units within the residence rehabilitated with financing under the Act are committed for the period during which the loan is outstanding for occupancy by persons or families who are eligible for financial assistance specifically provided by a governmental agency for the benefit of occupants of the residence. b. The maximum repayment period for such residential rehabilitation loans shall be forty (40) years or four/fifth (4/5) of the economic life of the structure, whichever is less. c. The maximum amount loaned for rehabili- tation, exclusive of costs of acquisition, or exclusive of refinancing, for each dwelling unit and for each commercial unit which is, or is part of, a residence shall be forty five thousand dollars ($45,000). d. No more than twenty percent (20%) of any loan for such residential rehabilitation shall be used for residential rehabilitation which is not re- quired under the City of Santa Ana's property rehabilitation standards, except that in the case of owner-occupied one to four dwelling unit properties, up to forty percent (40%) of the loan for such residential rehabilitation may be used for residential rehabilitation not required under the city of Santa Ana's property rehabilitation standards.