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LOAN AGREEMENT HOUSING SUCCESSOR AGENCY FUNDS THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, as of February , 2017, is made and entered into by and between the Housing Authority of the City of Santa Ana, acting as the Housing Successor Agency, a public body, corporate and politic ( "Agency"), and AMCAL 1440 Santa Ana Fund, L.P., a California limited partnership ( "Developer ") with reference to the following: RECITALS: A. The Agency is authorized by the Community Redevelopment Law of the State of California (Health and Safety Code section 33000, et seq.) ( "CRL ") to expend funds to increase the supply of very low and low income housing available at affordable housing costs. In part to further this goal, the Agency has created the Merged Project Areas, within the City (the "Project Area "), and adopted a Redevelopment Plan for the redevelopment of the Project Area. In accordance with Section 33334.2, et seq., of the CRL, the Agency sets aside a portion of the tax increment revenues it receives from the Merged Project Area in a separate low and moderate housing fund, which the Agency uses for the construction, preservation, and rehabilitation of affordable housing for low income households. B. Developer requested financial assistance in connection with the proposed development of a sixty -nine (69) unit affordable workforce housing complex ( "Project ") to be located at 1440 East First Street, Santa Ana, California, and legally described within Exhibit A attached hereto and incorporated herein ( "Property "). The residential units will be located within six (6) buildings. The rental units (less one manager's unit) are 100% affordable to family households earning between 30% and 60% of the Area Median Income ( "AMI "). The unit mix currently consists of six (6) four - bedroom units, twenty -eight (28) three - bedroom units, and thirty -five (35) two - bedroom units (one being a manager's unit). Eight (8) of the units will be assisted by the Santa Ana Housing Authority's Project -Based Voucher Program. On -site amenities will include a community room and amenity space including tot lots /play areas for children, outdoor seating, BBQ's, a flex play space and planters. The community room will be incorporated into the development, providing a computer laboratory, kitchen, activity room for resident activities, and office space for property management and social services staff. Developer will engage a qualified non- profit organization approved by the City (of which LifeSTEPS is hereby approved by the City) to provide free on -site social services to Project tenants. Services will be provided in the form of classes and workshops with the subject matter tailored by a social service coordinator to the specific needs of the community. C. The City of Santa Ana ( "City") and the Housing Authority of the City of Santa Ana ( "Housing Authority ") reviewed Developer's request for assistance and at the City Council /Housing Authority meeting on December 20, 2016, the Housing Authority Board authorized and approved issuance of a conditional, pre - commitment letter evidencing the preliminary award of $6,195,000 of funds to the Project ( "Agency Loan "), 80A -128