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LOAN AGREEMENT <br />HOME ARP PROGRAM <br />THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, <br />as of March 23, 2023, is made and entered into by and between the City of Santa Ana, a <br />charter city and municipal corporation (referred to herein as "City") and North Broadway <br />Housing Partners LP, a California limited partnership (referred to herein as "Developer"), <br />with reference to the following: <br />RECITALS: <br />A. City has received an allocation of HOME -American Rescue Plan (HOME -ARP) <br />funds from the United States Department of Housing and Urban Development ("HUD") <br />under Section 3205 of the American Rescue Plan Act of 2021 (P.L. 117-2)) ("ARP) to be <br />implemented through the HOME Investment Partnerships Program (the "HOME <br />Program") (42 U.S.C. §12701, et seq.,) and to be used in accordance with applicable <br />statutory requirements, regulations, and guidance, including but not limited to HUD Notice <br />CPD-21-10, and its appendices, inclusive of the Waivers and Alternative Requirements for <br />HOME Investment Partnerships (collectively, the "HOME -ARP Notice") and the HOME <br />Regulations (24 CFR Part 92); <br />B. WISEPlace, a California nonprofit public benefit corporation ("WISEPlace"), is the <br />owner of fee simple title to certain property located at 1411 North Broadway (APN 398- <br />523-04), in the City of Santa Ana, totaling approximately 0.60 acres of land area ("the <br />Property"). WISEPlace intends to ground lease the Property to the Developer (the "Ground <br />Lease") for seventy-five (75) years from the Commencement Date of the Ground Lease. <br />C. The Developer is a limited partnership, whose sole general partner is JHC-North <br />Broadway LLC, a California limited liability company (the "General Partner"). WISEPlace <br />and Jamboree Housing Corporation ("JHC"), a California non-profit public benefit <br />corporation, are the sole members of the General Partner. The Developer will adaptively <br />reuse one existing building on the Property and construct, own and operate an additional <br />building on the Property to accoimnodate a forty-eight (48) unit multifamily affordable <br />housing project ("Project"). <br />D. In furtherance of the HOME -ARP Program, the Developer has applied to the City <br />for a loan with which to: <br />1. provide deeper affordability for a longer term, as well as to construct the <br />Property, and <br />2. thereafter to maintain, operate and professionally manage the Property <br />as decent, safe, sanitary and affordable rental housing. <br />E. City, on certain terms and conditions, desires to make such loan to Developer in <br />order to make possible the construction of the Property, to expand the supply of decent, <br />safe, sanitary and affordable housing. <br />WISEPlace Permanent Supportive Housing <br />City HOME -ARP Loan Agreement <br />