80A - JT PH VISTA DEL RIO HOUSING

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LOAN AGREEMENT HOME PROGRAM/TAX INCREMENT THIS LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, as of July 6, 2009, is made and entered into by and between the CITY OF SANTA ANA, a charter city and municipal corporation (referred to herein separately as the "City") and VISTA DEL RIO HOUSING PARTNERS, L.P., a California limited partnership ("Vista Del Rio"), 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 HOME Investment Partnership Program (the "HOME Program") (42 U.S.C. § 12701, et seq.,) to be used in accordance with applicable statutory requirements and regulations (the "HOME Regulations") (24 CFR Part 92); B. A portion of City's allocation of HOME Program funds is reserved for Community Housing Development Organizations (the "HOME Program funds"), and Vista Del Rio has qualified and is in good standing as a Community Housing Development Organization; C. Among the purposes of the HOME Program are (1) to expand the supply of decent, safe, sanitary, and affordable housing, with primary attention to rental housing, for very low-income and low-income Americans; and (2) to provide participating jurisdictions, on a coordinated basis, with the various forms of federal housing assistance, including capital investment, mortgage insurance, rental assistance, and other federal assistance, needed (a) to promote the development of partnerships among the federal government, states and units of general local government, private industry, and nonprofit organizations able to utilize all available resources to provide more of such housing, and (b) to expand the capacity of nonprofit community housing development organizations to develop and manage decent, safe, sanitary and affordable housing; D. The Community Redevelopment Agency of the City of Santa Ana (the "Agency") is authorized by the Community Redevelopment law of the State of California (Health and Safety Code sections 33000 et seq.) to expend funds to increase the supply of very low and low-income housing available at affordable housing costs. E. In part to further this goal, the Agency has created the Merged Project Area, within the City (the "Project Area"), and adopted a Redevelopment Plan for the development of the Project Area. F. Vista Del Rio has simultaneously entered into an agreement (the "Disposition and Development Agreement") with the Agency to acquire and develop approximately 3.2 acres, within the Project Area, located generally at 1600 Memory Lane in the City of Santa Ana, within the City of Santa Ana, California, and legally described in Exhibit A attached hereto (the 2 80A-78