25E - AGMT - NEIGHBORHOOD STABILIZATION PROGRAM

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3/30/11 FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 27383 When Recorded Mail to: City of Santa Ana 20 Civic Center Plaza, M-37 P.O. Box 1988 Santa Ana, California 92702 Attention: Housing Programs Coordinator NEIGHBORHOOD STABILIZATION PROGRAM RENTAL HOUSING DEVELOPMENT LOAN AGREEMENT THIS LOAN AGREEMENT (the "Agreement") is made and entered as of April 2011, by and between Garnsey, LP , a California limited partnership comprised of Orange Housing Development Corporation, ("OHDC"), a non-profit 501 (c) (3) organization, and C&C Development Co., LLC, a Limited Liability Company (together the "Borrower") and the City of Santa Ana, a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California (the "city"). RECITALS A. Borrower has entered into an agreement (the "Purchase Agreement") to purchase property, located at 326 S. Garnsey Ave., Santa Ana, California, as more particularly described in the legal description, Exhibit A attached hereto and incorporated herein (the "Property"). B. This Agreement is made pursuant to the authority of Title XII of Division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5 (February 17, 2009)) (Recovery Act) and sections 2301-2304 of the Housing and Economic Recovery Act of 2008 (Public Law 110-289 {July 30, 2008}) (HERA). Section 2301-2304 of HERA is known as the "Neighborhood Stabilization Program" or "NSP" with money funded through the Program as "NSP Funds". The term "NSP2" refers to the second appropriation of NSP Funds provided under the Recovery Act. C. The City was notified that its application under the NSP for NSP2 Funds was approved by the U.S. Department of Housing and Urban Development ("HUD") with funding allocated for acquisition and rehabilitation of the multi-family rental Page 1 of 14 Exhibit 2 25E-5