25C - AGMT HOMEBUYER ASSISTANCE - Laserfiche WebLink

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FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 6103 &27383 When Recorded Mail to: City of Santa Ana 20 Civic Center Plaza, M-26 P.O. Box 1988 Santa Ana, California 92702 Attention: Loan Specialist CITY OF SANTA ANA HOMEBUYER DOWN PAYMENT ASSISTANCE LOAN PROGRAM, INCLUSIONARY HOUSING EUNDS INCOME AND OWNER -OCCUPANCY COVENANTS_ AND RESALE RESTRICTIONS - ["Affordability Covenants"] A. The City of Santa Ana (the "City"); acting to carry out its'public purposes by making financial assistance available to assist persons and, families of low- o'r moderate income to obtain housing at affordable housing cost, is making a loan to ' ("Owner") pursuant to the terms of a certain Loan Agreement of even date herewith (the "Loan Agreement"), for the purpose of assisting Owner to purchase a single-family residence located as described in the legal description attached hereto as Exhibit "A" and incorporated herein by this reference. B. This financing is available to Owner through the City's First -Time Homebuyer Down Payment Assistance Loan Program (the "Program"), under which the City will provide a subsidy in the form of a trust deed loan of up to a maximum of $40,000.00 for moderate income households and $80,000.00 for low income households that are determined to be an "Eligible Person or Family" (as defined elsewhere in'this Agreement) toward the purchase of a residence within the City. C. The Program is implemented in accordance with the City of Santa Ana Housing Opportunity Ordinance, "and• will be modified whenever necessary to insure compliance with regulations and continued Program feasibility. D. The financial assistance being made available by the City to the Owner is conditioned on the use of the Property for housing affordable to persons or families of low or moderate income as .their primary residence for the longest feasible time, but in any event not less than Forty Five (45) years ("Term of Affordability"), provided that the Property remains habitable. In the event that the Owner fails to comply with these affordability covenants for the 45 years, the Note will become immediately due and payable (see Section 4 below). E. It is in the public interest and is of benefit to all real property within the City of Santa Ana, including, but not limited to, real property owned by the City, to ensure that there is an adequate supply of decent, safe and affordable owner -occupied housing within the City of Santa Ana. FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, the City and the Owner hereby agree and NOTICE IS HEREBY GIVEN -1- 25C-31