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LOAN AGREEMENT <br />HOME PROGRAM <br />THIS LOAN AGREEMENT (the "Agreement ") dated, for identification purposes only, <br />as of , is made and entered into by and between the City of Santa Ana, <br />a charter city and municipal corporation (referred to herein as "City") and <br />a , with reference to the following: <br />RECITALS: <br />A. City has received an allocation of funds 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, et seq.,) to be used in accordance <br />with applicable statutory requirements and regulations (the "HOME Regulations ") (24 <br />CFR Part 92); <br />B. A portion of City's allocation of HOME Program funds is reserved for <br />Community Housing Development Organizations (the "HOME Program/CHDO fiends "), <br />and has qualified and is in good standing as a <br />Community Housing Development Organization; <br />C, Among the purposes of the HOME Program are (1) to expand the supply <br />of decent, safe, 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 a 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 among the federal <br />government, 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 <br />to develop and manage decent, safe, sanitary anal affordable housing; <br />D. Developer is the owner of that certain property commonly known as <br />, within the City of Santa Ana, California, and legally described in <br />Exhibit A attached hereto (the "Property "). The loans referenced herein shall assist in the <br />acduisition, new construction and/or rehabilitation of said Property that is improved for a <br />multifamily or single- family residential housing development, <br />E. Developer is on the City Approved list of Community Housing <br />Development Organizations and has been certified and approved to utilize HOME <br />Prograni/CHDO Funds, <br />F. In furtherance of the HOME Program, Developer has applied to City for a <br />loan with which to: <br />1. provide deeper affordability for a longer term, as well as acquire, <br />construct and /or rehabilitate the Property, and <br />25C -6 <br />