815 N. HARBOR, L.P. (NEIGHBORHOOD STABILIZATION PROGRAM)/AFFORDABILTY RESTRICTIONS 1A

Home Browse Search

�s J :Z: RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of Santa Ana Community Development Agency Housing Department M -37 20 Civic Center Plaza, 6th Floor P.O. Box 1988 Santa Ana, California 92702 SPACE ABOVE THIS LINE FOR RECORDING USE FREE RECORDING REQUESTED [Government Code Section 6103] AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (815 N. Harbor Boulevard, Santa Ana, CA) (� THESE AFFORDABLE HOUSING RESTRICTIONS ON TRANSFER OF �Y PROPERTY (the "Restrictions ") are entered into as of June 26, 2015, by and among and 815 Harbor, L.P., (referred to herein as the "Developer ") a California limited partnership, the City of Santa Ana, a charter city and municipal corporation (the "City"). RECITALS: A. Developer is the owner of that certain real property located at 815 North Harbor Boulevard, (the "Property ") located in the City of Santa Ana more particularly described in Exhibit A, which is attached hereto and incorporated herein by this reference. B. For the purpose of providing two units of housing that will be affordable to Very Low and Low Income households ( "HOME Assisted Units "), the Developer and the City have entered into that certain Loan Agreement for the loan of HOME funds, dated on or about the date hereof (the "Loan Agreement ") to which these Restrictions are attached as Exhibit G, which, along with all of its attachments, is incorporated herein by this reference (any capitalized term that is not otherwise defined in these Restrictions shall have the meaning ascribed to such term in the Loan Agreement). C. The Loan Agreement provides, among other things, for the use of the Property for affordable housing with 56 units being restricted to Very Low and Low Income households and 13 units restricted to Moderate Income households, at Affordable Rent(s). D. The Loan Agreement contains certain provisions relating to the use of the Property. 1 of 10