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ANCE N� QN FILE W 1 ' �, J <br />INSUR�- pROCE'En <br />10O MAYS A-2009-036 <br />CnAR NEIGHBORHOOD STABILIZATION PROGRAM <br />RENTAL HOUSING DEVELOPMENT AGREEMENT <br />This Agreement is executed by and between the City of Santa Ana, a charter city and <br />municipal corporation organized and existing under the Constitution and laws of the State of <br />California (hereinafter "City") and Townsend & Raitt, LP, a limited partnership comprised of <br />Orange Housing Development Corporation, ("OHDC"), a non-profit 501 (c) (3) organization, <br />?a and C&C Development, a Limited Liability Company ("Developer") as of September 28, 2009. <br />r RECITALS: <br />6 <br />A. Title III of Division B of the Housing and Economic Recovery Act of 2008 (Pub. L 110- <br />289, 122 Stat. 2654 enacted July 30, 2009) makes available to certain qualified <br />municipalities for certain qualified grant funds termed Neighborhood Stabilization <br />Program ("NSP Funds") under a program termed the Neighborhood Stabilization <br />Program (the "NSP"). <br />B. On January 15, 2009, the City was notified that its application under the NSP for NSP <br />Funds was approved by the U.S. Department of Housing and Urban Development <br />("HUD") with funding allocated for acquisition and rehabilitation of the multi -family <br />rental component of the NSP in an amount not to exceed $1,800,000.00. <br />C. The City has developed certain criteria and guidelines for implementation of its <br />Neighborhood Stabilization Program for the NSP funds. <br />D. The Acquisition and Rehabilitation — Rental Program will be implemented citywide. <br />E. On January 30, 2009, the City released a Request for Proposals (the "RFP") soliciting <br />proposals for implementation of the programs that the City will fund with NSP funds. <br />F. Developer responded to said Request for Proposal and based on the rating of its <br />proposal, the interview and reference calls, Developer is recommended for <br />implementation of the Rental Program. Developer has experience, and has been <br />acquiring, rehabilitating, renting and managing multi -unit properties since 1990. <br />G. The City intends for the NSP funds to be primarily used for acquisition of foreclosed <br />properties and any expenses related to the acquisition and disposition of such properties, <br />including developer fees. Only in special circumstances will the NSP funds be used for <br />the rehabilitation costs associated with foreclosed properties. <br />NOW THEREFORE, the parties agree as follows: <br />100. DEFINITIONS <br />"Abandoned" a residential property is abandoned when mortgage or tax <br />foreclosure proceedings have been initiated for that property, no mortgage or tax <br />