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NEIGHBORHOOD STABILIZATION PROGRAM (PROGRAM 2) <br /> RENTAL HOUSING DEVELOPMENT AGREEMENT <br /> This Agreement is executed by and between the City of Santa Ana, a charter city and <br /> <br /> municipal corporation organized and existing under the Constitution and laws of the State of <br /> California (hereinafter "City") and Orange Housing Development Corporation ("OHDC"), a <br /> non-profit 501 (c) (3) organization, and C&C Development, a Limited Liability Company <br /> ("Developer") as of March 2010. <br /> RECITALS: <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 May 4, 2009, the U.S. Department of Housing and Urban Development ("HUD") <br /> issued a Notice of Funding Availability (NOFA) for Neighborhood Stabilization Program <br /> 2 Funds (NSP 2). In July 2009, the City submitted an application for $10 million. <br /> C. On January 14, 2010, the City was notified that its application under the NSP for NSP 2 <br /> Funds was approved by HUD. Funding for Developer is allocated for acquisition and <br /> rehabilitation of the single family, condominium and historic components of the NSP in <br /> an amount not to exceed $6,500,000.00, but not less than $2,500,000.00 plus program <br /> income. <br /> D. The Acquisition and Rehabilitation -Rental Program will be implemented in the target <br /> area as illustrated in the map attached hereto as Exhibit A. <br /> E. Developer was awarded an agreement for the NSP 1 funds for the Rental Program, and <br /> due to its successful implementation of NSP 1 with Developer, this agreement is being <br /> awarded to Developer. <br /> F. 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 /> 1 <br /> <br />