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<br />EXHIBIT 3 <br />CITY HOME-ARP LOAN NOTE <br />SECURED BY SUBORDINATED DEED OF TRUST <br />TO THE CITY OF SANTA ANA, CALIFORNIA <br />(1411 North Broadway, Santa Ana, California (APN 398-523-04)) <br />$5,256,327 [March 7], 2023 <br />Santa Ana, California <br />1.PRINCIPAL AMOUNT OF LOAN. <br />For value received, NORTH BROADWAY HOUSING PARTNERS LP, a <br />California limited partnership (“Borrower”) promises to pay to the order of THE CITY OF <br />SANTA ANA (“City"), at 20 Civic Center Plaza, 6th Floor, Santa Ana, California 92701, <br />or at such other place as the City may from time to time designate in writing, or to the <br />assignee of the City, the principal sum of FIVE MILLION, TWO HUNDRED AND FIFTY <br />SIX THOUSAND, THREE HUNDRED AND TWENTY SEVEN DOLLARS AND NO <br />CENTS ($5,256,327.00) or so much thereof as shall be disbursed hereunder, with three <br />percent (3%) simple interest per annum and commencing from the date of issuance of the <br />Certificate of Completion. <br />City and Borrower have heretofore entered into that certain Loan Agreement dated <br />concurrently herewith (the "Loan Agreement"), pertaining to the construction of certain <br />real property described in the Loan Agreement as the "Property," commonly known as <br />1411 North Broadway, Santa Ana, California (APN 398-523-04), and the operation of the <br />Property as affordable housing for Extremely-Low Income Households, and, with respect <br />to the HOME-ARP Units, HOME-ARP Qualifying Populations. This City HOME-ARP <br />Loan Note (the “Note”) is made pursuant to, entitled to the benefits of and referred to as <br />the City/HOME-ARP Loan Note in the Loan Agreement; that certain “Affordability <br />Restrictions on Transfer of Property” between Borrower and City, dated on or about the <br />date hereof; and that certain Subordinated City/HOME-ARP Deed of Trust and <br />Assignment of Leases and Rents by Borrower for the benefit of City, dated on or about the <br />date hereof (the "City Deed of Trust"). This Note, the Loan Agreement, the City Deed of <br />Trust and the Affordability Restrictions on Transfer of Property are sometimes collectively <br />referred to herein as the "Loan Documents." The Loan Documents and the rights and <br />responsibilities thereto inure to the benefit of the City. Any capitalized term that is not <br />otherwise defined herein shall have the meaning ascribed to such term in the Loan <br />Agreement. <br />2.DEFINITIONS. <br />For the purpose of calculating the payments to be made by Borrower to City <br />pursuant to this Note, the following terms shall have the following respective meanings: <br />"City Loan" shall mean the loan evidenced by this Note. <br />1 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Loan Note