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2 LOAN AGREEMENT HOUSING SUCCESSOR AGENCY FUNDS THIS LOAN AGREEMENT (the “Agreement”) dated, for identification purposes only, as of January 16, 2018, 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, LP, a California limited partnership (“Developer”) with reference to the following: RECITALS: A. The Agency is authorized by Section 34176 of the Health and Safety Code to perform housing functions previously performed by the City’s former redevelopment agency to increase the supply of very low and low-income housing available at affordable housing costs. Pursuant to subdivision (d) of Section 34176, the low and moderate income housing asset fund (“LMIHAF”) was established as a housing asset and the funds in the LMIHAF shall be used in a manner consistent with the affordable housing requirements of the Community Redevelopment Law of the State of California (“CRL”), (Part 1 commencing with Section 33000, et seq.). Such uses may include 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 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 no more than 30% to 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 Housing Authority of the City of Santa Ana’s Project-Based Voucher Program. On-site amenities will include a community room and amenity space including tot lot/play area for children, outdoor seating, BBQs, 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 contract with a qualified non-profit organization (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 June 20, 2017, the Housing Authority Board authorized and approved issuance of a conditional, pre-commitment letter evidencing the preliminary award of $8,522,740 of funds to the Project (“Agency Loan”), to be funded EXHIBIT 3 3-12