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LOAN AGREEMENT
<br />HOME PROGRAM
<br />THIS LOAN AGREENIENT (the 'AgrcemenV') dated, for identification purposes only,
<br />as of March - 2015, is made and entered into by and between the City of Santa Ana,
<br />a charter city and municipal corporation (refetTed to herein as "City") and 815 N l-larbor,
<br />LP, a California Invited partnership with reretonce to (he following:
<br />RECITALS:
<br />A. City has received as allocation (,X 11wids from the United States Department of
<br />Housing and Urban Development ("HUD") under the HOME Investment Partnership
<br />Program (the "HOME Program") (42 U.S.C. §12701, of seq,,) to be used in accordance
<br />with applicable statutory requiretnents and regulations (the "HOME Regulations") (24
<br />CFR Pail. 92),
<br />B. Among the purposes of the HOME Program arc (G) to expand tile supply
<br />of decent, sale, sanitary, and affordable housing, with primary attention to rental housing,
<br />for very low-income and low-income Americans,; and (2) to provide participating
<br />jurisdictions, on as coordinated basis, with the various forms of federal housing assistance,
<br />including capital investment, mortgage insurance, rental assistance, and other federal
<br />assistance, needed (a) to promote the development of partnerships ainong, the fedet-al
<br />govornment, states and units of general local government, private industry, and nonprofit
<br />organizations able to utilize all available resources to provide more of such housing, and
<br />(b) to expand the capacity of nonprofit community housing development organizations to
<br />develop and manage decent, safe, sanitary and affordable housing.
<br />C. Developer has purchased certain property commonly known 815 N.
<br />Harbor Boulevard, witbiu the City of Santa Ana, Califonria, and legally described in
<br />Exhibit A attached hereto (the "Property"). The loans referenced herein shall assist in the
<br />development of a multifamily residential housing development on the Property,
<br />D, In furtherance of the HOME Program, Developer has applied to City for a
<br />loan with which to:
<br />1. provide deeper affordability for aloager term, as well as develop the
<br />Property, and
<br />2. thereafter to maintain, operate and professionally manage the Property
<br />as decent, safe, sanitary and affordable rental housing.
<br />E. City, on certain terms and conditions, desire tornake such loan to Dcvcl()per
<br />in order to make possible the development of the Property, thereby eliminating blight while
<br />expanding the supply of decent, safe, sanitary and affordable housing.
<br />F. If there is any discrepancy bebvecri Federal and State guidelines with regard
<br />to any of the terms and conditions contained herein, the more stringent shall apply,
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