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City of Santa Ana 25-CalHome-18740 Page 1 of 3 EXHIBIT B BUDGET DETAIL AND PAYMENT PROVISIONS 1. Budget Detail A. Contractor has received an awarded for the grant or loan activities described in Exhibit E, Section 1, Budget Details, of this Agreement. Contractor agrees and acknowledges that the Development Budget and Project Sources more particularly described in Exhibit E, Section 1, Budget Details, are true and correct to its actual or constructive knowledge. B. For the purposes of performing the Work described in this Agreement, the Department agrees to provide the aggregate amount identified on page 1, Section 3 of the Standard Agreement, STD 213, in the form of a grant ("Grant') or, in the case of a Homeownership Development Loan, a Project Loan, for the uses identified in the Sources and Uses. In no instance shall the Department be liable for any costs for Work in excess of this Agreement amount, or for any unauthorized or ineligible costs as set forth in the Program Requirements. 2. Conditions of Disbursement A. Funds are not obligated to a Borrower prior to the date this Standard Agreement is fully executed by both the Contractor and the Department. Funds will be released only after the Standard Agreement is fully executed by both the Contractor and the Department, and after the Department has reviewed and approved in writing the following Contractor submissions: 1) Loan servicing plan in compliance with Guidelines section 206. 2) The Contractor shall submit its own Program Guidelines for review and approval by the Department for each funded activity identified in Exhibit E and in compliance with Guidelines section 204. These Program Guidelines, at a minimum, shall include: (a) Participant eligibility requirements; (b) Property eligibility requirements; (c) Underwriting requirements including maximum Loan-to-Value limits and debt to income ratio's; (d) Loan terms for assistance loans to participants; (e) Occupancy requirements; (f) Eligible and ineligible costs for payment with CalHome funds; (g) Homebuyer education requirements for Mortgage Assistance Activities pursuant to Guidelines section 205; and HOSN-CalHome 2024 NOFA Date: 12/12/24, Amended 1/14/2025, Amended 1/17/2025 Approval Date: 06/05/2025 Prep. Date: 12/10/2025