Laserfiche WebLink
<br /> <br /> <br /> <br />The City of Santa Ana (“City”) has reviewed the Developer's request for financial <br />assistance, and at the City Council meeting on July 1, 2025, the City Council authorized <br />and approved the issuance of this pre-commitment letter evidencing a commitment to <br />reserve $920,000.00 (the "City Assistance") in Inclusionary Housing Funds as follows: <br />(1) an allocation of $720,000 to the City's Down Payment Assistance Program (the <br />"Down Payment Assistance Program Allocation"), and (2) a conditional award up to <br />$200,000 for eligible relocation costs (the "Conditional Relocation Allocation"). The City <br />Assistance will be available to Low and Moderate -Income households. Current <br />residents of the Property with household incomes of less than 120% AMI and that <br />qualify to purchase a unit within the Property will be given the right of first refusal to <br />purchase a unit. The Down Payment Assistance Allocation shall be available for down <br />payment assistance to individual households, structured as a silent mortgage based on <br />homebuyer eligibility (the "Homebuyer Down Payment Assistance"). Homebuyers must <br />meet the eligibility requirements for the Developer’s Affordable Homeownership <br />Program with a residency preference for local workers and residents of Santa Ana in <br />accordance with Santa Ana Municipal Code Section 8 -3500. Conversion and <br />construction will comply with all City of Santa Ana, County, and State building codes. <br />The Conditional Relocation Allocation will be available upon a determination by the City <br />that the Project is subject to relocation benefits under California Government Code §§ <br />7260 or 66300.6. <br /> <br />This letter shall evidence the City’s pre-commitment of the City Assistance to the <br />Developer for the Project subject to the conditions described below. <br /> <br />City Assistance: <br /> <br />The amount of the proposed City Assistance has been determined based upon the <br />City’s review of the Developer's request for the receipt of the City Assistance targetin g <br />Low and Moderate Income Households. <br /> <br />The City Assistance shall be conditioned on and include the following terms: <br /> <br /> City and Developer shall enter into a Memorandum of Understanding ("MOU") <br />that sets forth terms under which the City shall provide the Homebuyer Down <br />Payment Assistance and Conditional Relocation Allocation. <br /> <br /> The Homebuyer Down Payment Assistance shall be available for Low and <br />Moderate Income Households with income that does not exceed 120% of the <br />Orange County AMI as set by the Department of Housing and Urban <br />Development (“HUD”). <br /> <br /> The MOU may, but is not required to, include provisions that govern if and how <br />the City Assistance may be used in the event the total authorized Homebuyer <br />Down Payment Assistance loans are less than the amount of the award in this <br />pre-commitment ($720,000.00). The MOU may make these provisions subject to <br />approval from the City Manager of an amended MOU. <br /> <br />EXHIBIT 2 <br />  <br />  <br />City Council  – 1202