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Meta Housing Corporation, City of Santa Ana, and Santa Ana Arts Collective, L.P. <br />16-AHSC-11199 <br />Page 1 of 1 <br />BUDGET DETAIL AND PAYMENT PROVISIONS <br />Affordable Housing and Sustainable Communities (AHSC) Program <br />Loan for Rental Affordable Housing Development <br />Terms of AHSC Loan <br />A. Principal Amount, The principal amount of the AHSC Loan shall be the lesser of (1) the <br />principal amount as stated in the Application, or (ii) the amount later approved by the <br />Department as consistent with the requirements of section 7307 of the Multifamily Housing <br />Program Regulations. <br />Interest and Payment. The AHSC Loan shall bear interest at the rate and be payable as <br />provided in section 7308 of the Multifamily Housing Program Regulations and under the <br />terms of the Department's AHSC Promissory Note to be executed at loan closing. The <br />AHSC Loan may not be prepaid without the prior written consent of the Department. <br />2. Invoicing and Pavment <br />A. All AHSC Loan proceeds shall be disbursed through an independent escrowltitle <br />company. The Department shall prepare and submit instructions to the escrow <br />holder, detailing the requirements for the release of AHSC Loan proceeds to the <br />Borrower. <br />B. The AHSC Loan shall be released through escrow upon the Sponsor's, or its assignee's <br />submittal of the Request for Funds form and the satisfaction of the terms of the Award <br />Letter and this Agreement. The State reserves the right to retain 10 percent of the <br />approved loan proceeds pending receipt and acceptance of the cost audit and any <br />remaining loan closing checklist items. <br />AHSC Loan - Rental Affordable Housing Development <br />NOFA Date: 01/29/16 <br />Approved Date: 03/09/17 <br />Prep. Date: 07/20/17 <br />