25B - AGMT - CDBG HOUSING LOAN - Laserfiche WebLink

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Exhibit B FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 27383 When Recorded Mail to: City of Santa Ana Community Development Agency 20 Civic Center Plaza (M -26) P.O. Box 1988 Santa Ana, CA 92702 -1988 Attention: Housing Manager AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY {Address: 1666 N. Main Street, Santa Ana, CA) THESE AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the "Restrictions ") are entered into by and between Santa Ana Arts Collective, LP, a California limited partnership ( "Owner") and the City of Santa Ana, a charter city and municipal corporation (the "City "). RECITALS: A. Owner is purchasing that certain real property located at 1666 N. Main Street (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. The City is 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 "). C. The City is authorized by the CDBG Regulations to expend funds to increase the supply of low- and moderate - income housing available at affordable housing costs. D. The Housing Opportunity Ordinance, Santa Ana Ordinance No. NS -2881, established standards and procedures to encourage the development of housing that is affordable to a range of households with varying income levels. Pursuant to Santa Ana Municipal Code ( "SAMC ") section 41- 1904(c), developers may pay an in -lieu fee in certain instances to satisfy the inclusionary requirements. These funds are deposited into the Inclusionary Housing Fund, as defined by SAMC section 41 -1901, and are to be used to increase and improve the supply of affordable housing per SAMC section 41 -1909. 25B -52