DEPOT AT SANTIAGO, LP - 2013 - Laserfiche WebLink

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LOAN AGREEMENT HOME PROGRAM /CDBG FUNDS THIS LOAN AGREEMENT (the "Agreement ") dated, for identification purposes only, as of July 11, 2013, is made and entered into by and between the City of Santa Ana, a charter city and municipal corporation ( "City") and Depot at Santiago, L.P. ( "Developer ") with reference to the following: RECITALS: A. City has received an allocation of funds from the United States Department of Housing and Urban Development ( "HUD ") under the HOME Investment Partnership Program (the "HOME Program ") (42 U.S.C. §12701, et seq.,) to be used in accordance with applicable statutory requirements and regulations (the "HOME Regulations ") (24 CFR Part 92). B. A portion of City's allocation of HOME Program funds is reserved for Community Housing Development Organizations (the "HOME Program/CHDO funds "), and the sole member of Developer's Managing General Partner, Orange Housing Development Corporation, has qualified and is in good standing as a Community Housing Development Organization. C. Among the purposes of the HOME Program are (1) to expand the supply of decent, safe, sanitary, and affordable housing, with primary attention to rental housing, for very low - income and low- income households; and (2) to provide participating jurisdictions, on a coordinated basis, with the various forms of federal housing assistance, including capital investment, mortgage insurance, rental assistance, and other federal assistance, needed (a) to promote the development of partnerships among the federal government, states and units of general local government, private industry, and nonprofit organizations able to utilize all available resources to provide more of such housing, and (b) to expand the capacity of nonprofit community housing development organizations to develop and manage decent, safe, sanitary and affordable housing. D. City is also the recipient of Community Development Block Grant ( "CDBG ") funds from HUD pursuant to Tile I of the Housing and Community Development Act of 1974, as amended ( "Act ") and 24 CFR 570 ( "CDBG Regulations "). E. The City of Santa Ana is authorized by the HOME and CDBG Regulations to expend funds to increase the supply of low- and moderate - income housing available at affordable housing costs. F. Developer is entering into this agreement to acquire and, subject to entitlement approvals, develop a mixed use project consisting of seventy (70) unit multi- family residential housing development with retail space and a community room (the "Project ") located at 923 N. Santiago Street, within the City of Santa Ana, California, and legally described in Exhibit A 2