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AK <br />EXHIBIT 2 <br />SECOND AMENDMENT TO HOME LOAN AGREEMENT <br />THIS SECOND AMENDMENT TO HOME LOAN AGREEMENT dated, for <br />identification purposes only, as of 2021 is made and entered tt1tU by and <br />between the CITY OF SAN FA ANA, a charter city and municipal corporation ("City") and <br />SANTA ANA ARTS COLLECTIVE, L.P., a Calitornia limited partnership ("Developer"), <br />with referenecc to the following: <br />RECITALS: <br />A- The City and Developer entered into a HOME Loan A-teement dated ,Tidy 5, <br />2017, and recorded in Official Records, Orange County, with filing ntmiber <br />2017000308368 un July 26, 2017, as amended by that cermin First Amendment <br />thereto dated August 18, 2021 ("said HOM1:1 Loan Agreement'). <br />B- The purpose of said HOME Loan Agreement is to assist with the development of <br />an adaptive reuse projcer consisting of a fifty-eight (58) unit ttttthi-tamily <br />residential housing development, with live/work units and a commercial art <br />studio, as well as a community room heated at 1666 N. Main Street, Santa Ana, <br />California ("Project"). <br />C. In accordance with the terms and conditions of said HOME Luan Agreement, the <br />parties desire to amend Said IIOML Loan Agreement, including the HOME <br />Promissory Note, to (i) provide the City's consent to Developer obtaining a loan <br />in the amount of loan from the Calitornm Housing Finance Agency in the lace <br />amount of Two Million, Three Hundred Sixty -Two Thousand, Two Hundred <br />Fifteen and No/100s Dollars (S2,3o2 21S-00) for the Project (the "SNHP Loan"), <br />and (ii) revise the sharing of residual receipts among the public agency lenders to <br />the Project - <br />NOW, THEREFORE, for and in consideration of the rnuutal covenants and agreements <br />herein contained, and subject to the terms and enditions ot'said HOME Loan Agreement, except <br />as herein modified, City and Developer agree as follows: <br />Scetion 3.1, Usc Covenants and Restrictions, in Lxbibit B, Affordability <br />Restrictions on Transfer of Property, of said HOME Loan Agrcenent shall be <br />amended to replace the Assisted fluffs matrix with the fi�llnwing: <br />Affordability Levels/Unit Mix: <br />I he Project's unit mix and levels of al fordability are ;IS I'01lowti: <br />Unit Sire <br />30% AMI <br />35% AMI <br />50% AMi <br />60°/u AMI <br />TWA <br />1 Bedroom <br />15 <br />6 <br />5 <br />-- <br />26 <br />2 Bedroom <br />2 <br />-- <br />7 <br />5 <br />14 <br />3 Bedroom <br />4 <br />-- <br />-- <br />13 <br />17 <br />Total <br />21 <br />6 <br />12 <br />18 <br />57 <br />City Council 29 — 13 6/15/2021 <br />