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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 2-2015
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Last modified
8/24/2015 11:03:28 AM
Creation date
8/19/2015 2:54:59 PM
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Contracts
Company Name
815 N. HARBOR, L.P. (HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS)
Contract #
A-2015-029
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
2/17/2015
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RECORDING REQUESTED BY <br />AND WHEN RECORDED RETURN TO: <br />City of Santa Ana <br />Corrrrnunity Development Agency <br />Housing Department M -37 <br />20 Civic Center Plaza, 6th Floor <br />P.O. Box 1988 <br />Santa Ana, California 92702 <br />SPACE ABOVE THIS LINE FOR RECORDING USE <br />FREE RECORDING REQUESTED <br />[Government Code Section 6103] <br />AFFORDABILITY RESTRICTIONS <br />ON TRANSFER OF PROPERTY <br />(815 N. Harbor Boulevard, Santa Ana, CA) <br />THESE AFFORDABLE HOUSING RESTRICTIONS ON TRANSFER OF <br />PROPERTY (the "Restrictions ") are entered into as of June 26, 2015, by and among and <br />815 Harbor, L.P., (referred to herein as the "Developer ") a California limited partnership, <br />the City of Santa Ana, a charter city and municipal corporation (the "City"). <br />RECITALS: <br />A. Developer is the owner of that certain real property located at 815 North <br />Harbor Boulevard, (the "Property ") located in the City of Santa Ana more particularly <br />described in Exhibit A, which is attached hereto and incorporated herein by this reference. <br />B. For the purpose of providing two units of housing that will be affordable to <br />Very Low and Low Income households ( "HOME Assisted Units "), the Developer and the <br />City have entered into that certain Loan Agreement for the loan of HOME fiords, dated on <br />or about the date hereof (the "Loan Agreement ") to which these Restrictions are attached <br />as Exhibit G, which, along with all of its attachments, is incorporated herein by this <br />reference (any capitalized term that is not otherwise defined in these Restrictions shall <br />have the meaning ascribed to such term in the Loan Agreement). <br />C. The Loan Agreement provides, among other things, for the use of the Property <br />for affordable housing with 56 units being restricted to Very Low and Low Income <br />households and 13 units restricted to Moderate Income households, at Affordable Rent(s). <br />D. The Loan Agreement contains certain provisions relating to the use of the <br />Property. <br />I of10 <br />
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