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FREE RECORDING REQUESTED PURSUANT TO GOVERNMENT CODE SECTION 6103 & 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, California 92702 Attention: Clerk of the Council AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (Address: 2223 West Fifth Street, Santa Ana, California) THESE AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the "Restrictions") are entered into by and between Tiny Tim LP, a California limited partnership ("Developer") and the Housing Authority of the City of Santa Ana, acting as the Housing Successor Agency, a public body, corporate and politic ("Agency"). RECITALS: A. The Agency is authorized by the Community Redevelopment Law of the State of California (Health and Safety Code section 33000, et seq.) ("CRL") to expend funds to increase the supply of very low and low income housing available at affordable housing costs. In part to further this goal, the Agency has created the Merged Project Areas, within the City (the "Project Area"), and adopted a Redevelopment Plan for the redevelopment of the Project Area. In accordance with Section 33334.2, et seq., of the CRL, the Agency sets aside a portion of the tax increment revenues it receives from the Merged Project Area in a separate low and moderate housing asset fund, which the Agency uses for the constriction, preservation, and rehabilitation of affordable housing for low-income households. B. Developer, acting by and through its representative and agent, Community Development Partners, a California corporation ("CDP") requested financial assistance in connection with the proposed acquisition, development, construction, ownership, occupancy, and operation of a fifty-one (51) unit affordable housing complex ("Project') to be located at 2223 West Fifth Street, Santa Ana, California, and 'legally described within Exhibit A of the Agency Loan Agreement hereto and incorporated herein ("Property"). At least fifteen (15) of the units will be affordable to family households earning no more than 30% of the Area Median Income ("AMP'); five (5) of the traits affordable to family households earning no more than 50% of the AMI; and thirty (30) of the units affordable to family households earning no more than 60% of the AMI. Office space within the development will be provided for use as a police substation which at a minimum will have room for a desk, phone, and computer that could be set up by the 1076\53\1379664.2 80A-141