ORANGE HOUSING DEVELOPMENT CORPORATION AND C & C DEVELOPMENT (2)

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A-2010-048 INSURANCE NO ± ON FILE WORK MAY ~~ ~ ~RCCt14,C~~ CLERK nF Cp~NCil.. n 4TF . ~ ~ ~ NEIGHBORHOOD STABILIZATION PROGRAM (PROGRAM 2) ~~ RENTAL HOUSING DEVELOPMENT AGREEMENT This Agreement is executed by and between the City of Santa Ana, a charter city and municipal corporation organized and existing under the Constitution and laws of the State of oL California (hereinafter "City") and Orange Housing Development Corporation ("OHDC"), a ~ non-profit 501 (c) (3) organization, and C&C Development Co., a Limited Liability Company 1 ~ ("Developer") as of March 1, 2010. ~~ RECITALS: o - A. Title III of Division B of the Housing and Economic Recovery Act of 2008 (Pub. L 110- 289, 122 Stat. 2654 enacted July 30, 2009) makes available to certain qualified municipalities for certain qualified grant funds termed Neighborhood Stabilization Program ("NSP Funds") under a program termed the Neighborhood Stabilization ~ ~ Program (the "NSP"). B. On May 4, 2009, the U.S. Department of Housing and Urban Development ("HUD") issued a Notice of Funding Availability (NOFA) for Neighborhood Stabilization Program 2 Funds (NSP 2). In July 2009, the City submitted an application for $10 million. C. On January 14, 2010, the City was notified that its application under the NSP for NSP 2 Funds was approved by HUD. Funding for Developer is allocated for acquisition and rehabilitation of the multifamily component of the NSP in an amount not to exceed $6,500,000.00, but not less than $2,500,000.00 plus program income. D. The Acquisition and Rehabilitation -Rental Program will be implemented in the target area as illustrated in the map attached hereto as Exhibit A. E. Developer was awarded an agreement for the NSP 1 funds for the Rental Program, and due to its successful implementation of NSP 1 with Developer, this agreement is being awarded to Developer. F. The City intends for the NSP funds to be primarily used for acquisition of foreclosed properties and any expenses related to the acquisition and disposition of such properties, including developer fees. Only in special circumstances will the NSP funds be used for the rehabilitation costs associated with foreclosed properties. NOW THEREFORE, the parties agree as follows: 100. DEFINITIONS "Abandoned" a residential property is abandoned when mortgage or tax foreclosure proceedings have been initiated for that property, no mortgage or tax payments have been made by the property owner for at least 90 days AND the property has been vacant for at least 90 days.