Agenda Packet_2025-03-04 - Laserfiche WebLink

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- 3 - alternative security) would terminate and, if applicable, be subject to re- conveyance based upon terms in the Grant Agreement. .  The Grant Agreement shall require that the owner of the Property execute a regulatory agreement with a declaration of covenants, conditions and restrictions ("Regulatory Agreement") to develop the Property with 40 affordable units, as described herein, on terms agreeable to the City. The Regulatory Agreement shall run with the land for the duration of the affordability covenants.  Developer will comply with the attached Schedule of Performance. The Schedule of Performance is designed to ensure timely progress and adherence to HOME Program Fund expenditure deadlines, as mandated by federal funding regulations.  Provided the Developer constructs the Project according to the Scope of Work and Schedule of Performance, the Developer will be subject to no repayment obligation. Upon the initial sale of all units to eligible households pursuant to the Regulatory Agreement, the Grant Agreement shall automatically terminate. In the event the Project is not constructed in compliance with the Scope of Work and Schedule of Performance, the City may terminate the Grant Agreement and may seek repayment of Grant monies not expended on development and construction of the Project pursuant to the default remedy provisions of the Grant Agreement.  The 40 affordable ownership units at the Project shall and will be restricted to an affordable home purchase price, which will require that 30 homes be sold to qualified Low-Income Households who earn up to 80% of the Orange County AMI and 10 homes be sold to qualified Moderate-Income Households who earn up to 120% of the Orange County AMI, as set by the Department of Housing and Urban Development (“HUD”). Future sales of such single-family homes will be restricted to income-qualified households for a period of at least forty-five (45) years, unless City and Developer agree upon an alternative resale model allowing homeowners to generate additional equity.  City and Developer shall evaluate and negotiate the restrictions on resale of the individual single-family homes to determine the benefit of generating additional equity for each household. Any resale restrictions shall comply with requirements of federal, state or local law.  Developer will have a local preference for families who live or work in the City of Santa Ana in the selection of Low- and Moderate-Income Households in compliance with Santa Ana Municipal Code Section 8-3500.  Developer will comply with the federal Uniform Relocation Assistance and Real Property Acquisition Policies Act (“URA”) and any other applicable federal, state, or local laws governing relocation or termination of tenancy (collectively, "Relocation Laws"). Developer shall provide the existing tenants on the Project EXHIBIT 2 City Council 8 – 0 3//2025