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

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1 Westview House City Rental Rehabilitation Program Loan Agreement LOAN AGREEMENT RENTAL REHABILITATION 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. City has received an allocation of funds from the United States Department of Housing and Urban Development ("HUD") under the Rental Rehabilitation Program pursuant to Section 301 of the 1983 Housing and Urban-Rural Recovery Act; 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 three hundred and eight six thousand, five hundred and twenty three dollars and no cents ($386,523.00) in Rental Rehabilitation 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 Rental Rehabilitation 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. G. This Agreement and all of its attachments shall be enforceable by City in accordance with the terms thereof. Each of the Agreement, the Affordability Restrictions on Transfer of Property, the City/Rental Rehabilitation Program Loan Note and the City/Rental Rehabilitation Program Loan Deed of Trust provide a means of enforcement EXHIBIT 5