ORANGE COUNTY COMMUNITY HOUSING CORPORATION - 2008

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~onios Disposition and Development Agreement This Disposition and Development Agreement ("the Agreement") is entered into as of October 8, 2008, by and between the Community Redevelopment Agency of the City of Santa Ana, a public body, corporate and politic ("Agency") and Orange County Community Housing Corporation, a California nonprofit public benefit corporation ("Developer"). RECITALS The following recitals are a substantive part of this Agreement: A. In furtherance of the objectives of the California Community Redevelopment Law, the Agency desires to redevelop three parcels located at 1006, 1012 and 1015 N. Logan Street, in the City of Santa Ana, (the "Sites") (AP#'s 398-193-13 and 26, and 398- 194-11 respectively). The legal description of the Sites is attached hereto as Exhibit A. The Sites currently consist of three vacant parcels which are all owned by the Agency. B. The Agency and Developer desire by this Agreement for the Agency to agree to convey the Sites to the Developer for the Developer to agree to construct, market, and sell three new affordable single family homes on the Sites (the "Improvements/Project"). C. Developer shall partner with general contractor Hope Builders, a subsidiary of Taller San Jose to construct the homes. D. The Agency's acquisition of the Sites and disposition of the Sites to the Developer, and the Developer's acquisition of the Sites and construction of the Improvements pursuant to the terms of this Agreement, are in the vital and best interest of the City of Santa Ana and the health, safety, morals and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements under which the redevelopment of the Project has been undertaken. NOW THEREFORE, the Agency and Developer hereby agree as follows: 100. DEFINITIONS "Affordable Housing Cost" means a price which is established at a level which ensures that the monthly housing costs of (a) any Lower Income Household purchaser which earns not greater than eighty percent (80%) of the Area Median Income adjusted for household size, does not exceed the product of thirty percent (30%) multiplied by seventy percent (70%) of the Area Median Income adjusted for Household Size Appropriate to the Unit, and (b) any Lower Income Household purchaser which earns not less than seventy percent (70%) or more than eighty percent (80%) of Area Median Income adjusted for household size, the payment of which does not exceed thirty percent