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"Property"). The loans referenced herein shall assist in the acquisition and Construction of said <br />Property that is improved with a multifamily residential housing development. <br />G. In furtherance of the HOME Program and the Redevelopment Plan and <br />redevelopment purposes, Vista Del Rio has applied to City for a loan with which to: <br />1. provide deeper affordability for a longer term, as well as acquire and develop <br />the Property, and <br />2. thereafter to maintain, operate and professionally manage the Property <br />as decent, safe, sanitary and affordable rental housing. <br />H. City, on certain terms and conditions, desires to make such loan to Vista Del Rio in <br />order to make possible the acquisition and Construction of the Property, thereby eliminating blight <br />while expanding the supply of decent, safe, sanitary and affordable housing. <br />I. If there is any discrepancy between Federal and State guidelines with regard to any <br />of the terms and conditions contained herein, the more stringent shall apply. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and <br />agreements herein contained, City and Vista Del Rio agree as follows: <br />DEFINITIONS AND INTERPRETATION <br />1.1 Defined Terms. All capitalized terms used herein, including, without <br />limitation, in the Recitals above and in all other Project Documents, unless otherwise <br />expressly defined, are defined where first used in this Agreement and/or as set forth in this <br />Article 1. <br />"Agency" means the Community Redevelopment Agency of the City of Santa <br />Ana, a public body, corporate and politic, exercising governmental functions and powers, and <br />organized and existing under the Community Redevelopment Law of the State of California (Health <br />and Safety Code Section 33000 et seg.) The principal office of the Agency is located at 20 <br />Civic Center Plaza, Santa Ana, California, 92702. Said term may be referred to collectively with <br />"the City". <br />"Affordable Housing" means housing operated in accordance with the <br />requirements of 24 CFR 92.252 and the rents governed by California Health and Safety Code <br />Section 50052.5. <br />"Affordability Restrictions on Transfer of Property" means that <br />certain document affecting real property benefiting both the Agency and City, attached hereto as <br />Exhibit B. <br />"Affordable Rent" means the monthly rents that are set forth in more detail in <br />Section 7 of this Agreement. <br />80A-79 <br />