SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT) - 2017

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D. The City issued a Request for Proposals on June 1, 2015, seeking affordable housing projects. After reviewing all applications, the Owner's project was selected and approved for funding by the Santa Ana City Council on November 3, 2015. E. Owner is entering into this Agreement to acquire and, subject to entitlement approvals, develop an adaptive reuse project consisting of a fifty-eight (5 8) unit multi -family residential housing development, with live/work units and a possible commercial art studio, as well as a community room (the "Project") located at 1666 N. Main Street, within the City of Santa Ana, California, and legally described in Exhibit A attached hereto (the "Property"). The HOME funds referenced herein shall assist in the acquisition, rehabilitation, construction, and soft costs of said Project. F. In furtherance of the HOME Program, Owner has applied to the City for a loan with which to: provide deeper affordability and construct the improvements to the Property; and, 2. thereafter to maintain, operate and professionally manage the Project as decent, safe, sanitary and affordable rental housing. G. The City, on certain terms and conditions, desires to make such loan ("HOME Loan") to Owner in order to make possible the rehabilitation and construction of the Project, thereby expanding the supply of decent, safe, sanitary and affordable housing. H. If there is any inconsistency between Federal, State, and local guidelines with regard to any of the terms and conditions contained herein, the more stringent shall apply. I. Owner and the City are concurrently entering into that certain HOME Loan Agreement. The Loan Agreement, HOME Deed of Trust, and HOME Promissory Note, dated concurrently herewith (collectively the "Loan Agreements") are entered into for the purpose of providing for affordable extremely low and very low income residential rental units in the City of Santa Ana pursuant to the HOME Program regulations and guidance. NOW, THEREFORE, CITY AND OWNER COVENANT AND AGREE AS FOLLOWS: Definitions "AHSC Loan" means a permanent loan of Affordable Housing and Sustainable Communities program funds from HCD administered by the California Strategic Growth Council in the amount of $4,944,130 "AHSC Deed of Trust" means the any deed(s) of trust securing the AHSC Loan encumbering the Property.