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

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FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 27383 When Recorded Mail to: City of Santa Ana Clerk of the Council 20 Civic Center Plaza (M-30) P.O. Box 1988 Santa Ana, CA 92702-1988 Attention: Clerk of the Council FIRST AMENDED AND RESTATED AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (Address: 1666 N. Main Street, Santa Ana, CA) THESE AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the "Restrictions") are entered into by and between Santa Ana Arts Collective, LP, a California limited partnership ("Owner") and the City of Santa Ana, a charter city and municipal corporation (the "City"). RECITALS: A. The City is the recipient of Community Development Block Grant ("CD;BG") funds from HUD pursuant to Title I of the Housing and Community Development Act of 1974, as amended ("Act") and 24 CFR 570 ("CDBG Regulations") , Catalog of Federal Domestic Assistance (CFDA) Number 14.218, and Federal Award Identification Number (FAIN) B -15 - MC -06-0508 in the amount of $5,434,375. B. The City is authorized by the CDBG Regulations to expend funds to increase the supply of low- and moderate -income housing available at affordable housing costs. C. The Housing Opportunity Ordinance, Santa Ana Ordinance No. NS -2881, established standards and procedures to encourage the development of housing that is affordable to a range of households with varying income levels. Pursuant to Santa Ana Municipal Code ("SAMC") section 41-1904(c), developers may pay an in -lieu fee in certain instances to satisfy the inclusionary requirements. These funds are deposited into the Inclusionary Housing Fund, as defined by SAMC section 41-1901, and are to be used to increase and improve the supply of affordable housing per SAMC section 41-1909. D. In order to utilize money in the Inclusionary Housing Fund, the City issued a Request for Proposals on June 1, 2015, seeking affordable housing projects. After reviewing all