CIVIC CENTER BARRIO HOUSING CORPORATION 10 - 2007

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INSURANCE ON FILE WORK MAY PROCEED UNTIL INSURANCE EXPIRES /- 49 q-- OR CLERK OF COUNCIL DATE: t o -a{ -D"1 0 : hl0057"rg (a-i MEMORANDUM OF UNDERSTANDING 5c v4 KvtrAr AND PREDEVELOPMENT LOAN AGREEMENT UNDER THE HOME REGULATIONS A- 2007 -036 8/30/07 THIS AGREEMENT OF UNDERSTANDING AND PREDEVELOPMENT LOAN AGREEMENT ( "Agreement ") is entered into as of Febrw , 5-"4,2007 ( "Effective Date "), by and between 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 ") , and CIVIC CENTER BARRIO HOUSING CORPORATION, a non - profit public benefit corporation ( "Developer "). Recitals A. The City desires to make a loan to Developer with certain funds made available by the United States Department of Housing and Urban Development ( "HUD ") under the HOME Investment Partnership Program (the "HOME Program ") and the regulations issued by HUD set forth in 24 CFR Part 92 (the "HOME Regulations "). B. Among the purposes of the HOME Program are (1) to expand the supply of decent, safe, sanitary, and affordable housing, with primary attention to rental housing, for very low- income and low - income Americans; and (2) to provide participating jurisdictions, on a coordinated basis, with the various forms of federal housing assistance, including capital investment, mortgage insurance, rental assistance, and other federal assistance, needed (a) to promote the development of partnerships among the federal government, states and units of general local government, private industry, and nonprofit organizations able to utilize all available resources to provide more of such housing, and (b) to expand the capacity of nonprofit community housing development organizations to develop and manage decent, safe, sanitary and affordable housing. C. A portion of City's allocation of HOME Program funds is reserved for Community Housing Development Organizations (the "HOME Program/CHDO funds ") and Developer has qualified and is in good standing as a Community Housing Development Organization. Developer is also a California nonprofit corporation organized and existing under Section 501(c)(3) of the Internal Revenue Code with proven experience and qualifications in acquiring, constructing and providing well- managed and affordable housing for low and moderate income persons and families in the community. D. City desires to meet its affordable housing goals by assisting Developer in the development of an affordable housing project ( "Project ") on a Site (described below and in Exhibit A) by making certain financial assistance in the form of a predevelopment loan available to Developer from HOME funds. Pursuant to the HOME regulations, Project Specific Assistance can be provided to Community Housing Development Organizations.