Laserfiche WebLink
FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 27383 <br />When Recorded Mail to: <br />City of Santa Ana <br />Community Development Agency <br />20 Civic Center Plaza (M -26) <br />P.O. Box 1988 <br />Santa Ana, CA 92702 -1988 <br />Attention: Housing Division Manager <br />AFFORDABILITY RESTRICTIONS <br />ON TRANSFER OF PROPERTY <br />(Address: 1440 East First Street, Santa Ana, California) <br />THESE AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the <br />"Restrictions ") are entered into by and between AMCAL 1440 Santa Ana Fund, L.P., a <br />California limited partnership ( "Developer ") and the City of Santa Ana, a charter city and <br />municipal corporation (the "City "). <br />RECITALS: <br />A. Developer is the owner of that certain real property located at 1440 East First <br />Street, Santa Ana, California (the "Property "), more particularly described in Exhibit A, which is <br />attached hereto and incorporated herein by this reference. <br />B. The City's Housing Opportunity Ordinance ( "Ordinance ") was originally adopted <br />by the City Council on November 28, 2011 (Ordinance No. NS- 2825), and is codified in Article <br />XVIII.1 of the Santa Ana Municipal Code ( "SAMC "). The Ordinance was amended by the City <br />Council on September 1, 2015 (Ordinance No. NS- 2881), and on October 6, 2015 (Ordinance <br />No. NS- 2885). The Ordinance established standards and procedures to encourage the <br />development of housing that is affordable to a range of households with varying income levels. <br />Pursuant to SAMC section 41- 1904(c), developers may pay an in -lieu fee in certain instances to <br />satisfy the inclusionary requirements. These funds are deposited into the Inclusionary Housing <br />Fund, as defined by SAMC section 41 -1901, and are to be used to increase and improve the <br />supply of affordable housing per SAMC section 41 -1909. <br />C. For the purpose of providing sixty -nine (69) units of housing that will be <br />affordable to Extremely -Low, Very -Low and Low Income households ( "Assisted Units "), the <br />Developer and the City have entered into that certain Loan Agreement, dated on or about the <br />date hereof (the "Inclusionary Loan Agreement ") to which these Restrictions are attached as <br />Exhibit G, which, along with all of its attachments, is incorporated herein by this reference (any <br />• ' 1 I <br />.� <br />