Item 39 - Affordable Housing Project at 2530 & 2534 Westminster Avenue

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1 Westview House City Inclusionary Housing Program Loan Agreement LOAN AGREEMENT INCLUSIONARY HOUSING PROGRAM THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, as of May 17, 2022, is made and entered into by and between the City of Santa Ana, a charter city and municipal corporation (referred to herein as “City”) and Westview House LP, a California limited partnership (referred to herein as “Developer”), with reference to the following: RECITALS: A. The Affordable Housing Opportunity and Creation Ordinance, Santa Ana Ordinance No. NS-3019, established standards and procedures to encourage the development of housing that is affordable to a range of households with varying income levels. Pursuant to Santa Ana Municipal Code (“SAMC”) section 41-1904(c), developers may pay an in-lieu fee in certain instances to satisfy the inclusionary requirements. These funds are deposited into the Inclusionary Housing Program Fund, as defined by SAMC section 41-1901, and are to be used to increase and improve the supply of affordable housing per SAMC section 41-1909; B. On April 7, 2020, the Santa Ana City Council authorized the City Manager to execute a pre-commitment letter with Community Development Partners (“CDP”) and Mercy House Community Housing Development Organization (“Mercy House CHDO”) for one million, five hundred and fourteen thousand, one hundred and thirteen dollars and no cents ($1,514,113.00) in Inclusionary Housing Program funds. C. Developer is the owner of that certain property commonly known as 2530 and 2534 Westminster Avenue, within the City of Santa Ana, California, and legally described in Exhibit A attached hereto (the “Property”). The loans referenced herein shall assist in the acquisition and new construction of said Property for a multifamily residential housing development. D. In furtherance of the Inclusionary Housing Program, Developer has applied to the City for a loan with which to: 1. provide deeper affordability for a longer term, as well as acquire and construct the Property, and 2. thereafter to maintain, operate and professionally manage the Property as decent, safe, sanitary and affordable rental housing. E. City, on certain terms and conditions, desires to make such loan to Developer in order to make possible the acquisition and construction of the Property, to expand the supply of decent, safe, sanitary and affordable housing. F. If there is any discrepancy between Federal and State guidelines with regard to any of the terms and conditions contained herein, the more stringent shall apply. EXHIBIT 4