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EXHIBIT 1 <br />AMCAL 1440 Santa Ana Fund, L,P. <br />June 20, 2017 <br />Page 4 <br />Multi -Horsing, Inc. and/or a letter of credit and/or performance & payment <br />bonds from the general contractor for the Project (or some combination of <br />these), in an amount sufficient to ensure the Project will be completed and <br />placed in service within the time set forth in the Project schedule approved by <br />the Agency. <br />e. Developer shall submit and obtain Executive Director of the Housing <br />Authority's approval of the construction contract, Developer's limited <br />partnership agreement for the limited partnership entity to be formed to own <br />and operate the Project, and management, marketing and tenant selection <br />plans for the Project. <br />6. The Agency's obligation to provide the Agency Loan is and shall remain subject to all <br />covenants, conditions, and restrictions set forth in the Agency Loan Agreement, and <br />in particular Agency's analysis of the available funding sources and development and <br />operating costs of the Project and the overall economic feasibility of the Project. <br />This pre -commitment letter for the Project will expire two (2) years from issuance of the letter to the <br />Developer. The Developer and the Agency agree in the Agency Loan Agreement that the provision <br />of any funds to the Project is and shall be conditioned on the Agency's determination to proceed with, <br />modify or cancel the Agency Assistance based on the results of a subsequent CEQA environmental <br />review and the outcome of Subsidy layering Review. <br />If you have any questions or require any additional information regarding this award letter, please <br />contact Judson Brown, Housing Division Manager, by telephone at (714)_667-2241 or by e-mail <br />at ibrown@,16nta-ana.ore, <br />Sincerely, <br />Cynthia Kurtz <br />Interim City Manager <br />City of Santa Ana I <br />Housing Authority of the City of Santa Ana <br />FOODIX46Y <br />