80A - JOINT - LOAN AGMT AMCAL - Laserfiche WebLink

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Trust in the form attached hereto as Exhibit C. The terms and conditions of the Agency Loan are as set forth in the Agency Promissory Note. The term of affordability for the Project is fifty -five (55) years from the receipt of Certificate of Occupancy for the Project, or repayment of the Agency Loan, whichever is longer. 5.1. Agency Funds: A. Amount and Purpose. Subject to the terms and conditions of this Agreement, Agency agrees to make a loan to Developer from the Low and Moderate Income Housing Asset Fund ( "LMIHAF ") in the principal amount of up to $6,195,000.00 for the construction and other costs of the Project. 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS 6.1 Conditions Precedent. Agency's obligation to disburse the loan is subject to the satisfaction of the following conditions precedent: (a) Housing Authority. Review and approval of the documents evidencing the Agency Loan by the Housing Authority of the City of Santa Ana acting as the Housing Successor Agency. (b) Code Com lin ante. Compliance with California Health and Safety Code and applicable regulations set forth in Section 34176. (c) Environmental Review. Compliance with and completion of environmental review of the Project pursuant to the California Environmental Quality Act ( "CEQA ") and approval thereof. (d) Affordability Restrictions. The funding of $6,195,000 is from the Low and Moderate Income Housing Asset Fund, which requires legal restrictions that the Agency cannot amend or repeal. Sixty -eight (68) of the sixty -nine (69) "Housing Units" at the Project shall and will be restricted to "Affordable Rent" as defined by the California Tax Credit Allocation Committee (TCAC) Regulations for a period not less than fifty -five (55) years pursuant to conditions, covenants and restrictions recorded against the Project in the Official Records, County of Orange, California. Thirty -four (34) of the sixty -eight (68) Housing Units at the Project shall and will be restricted to households earning 30% or less of the AMI, unless the City and the Developer reasonably determine that it is necessary for a lesser number of Housing Units at the Project to be restricted to households earning 30% or less of AMI to cause the Project to be competitive for tax credit financing and /or to be financially viable. One (1) Housing Unit will be rented to an on -site property manager; the manager's unit will not be rent restricted. (e) Loan Documents. Developer shall have delivered to the Escrow Holder, signed by the authorized officer or officers of Developer, with such signatme(s) acknowledged where necessary, each of the following documents: (i) this Agency Loan Agreement; 80A -135