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STATE OF CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT "HCD" - (SANTA ANA ARTS COLLECTIVE, L.P. & META HOUSING PROJECT)
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STATE OF CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT "HCD" - (SANTA ANA ARTS COLLECTIVE, L.P. & META HOUSING PROJECT)
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8/15/2017 10:54:35 AM
Creation date
8/15/2017 9:58:34 AM
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Contracts
Company Name
STATE OF CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT "HCD"
Contract #
A-2017-177
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
7/5/2017
Expiration Date
7/5/2020
Destruction Year
0
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Meta Housing Corporation, City of Santa Ana, and Santa Ana Arts Collective L, P, <br />16-AHSC-11199 <br />Page 11 of 17 <br />4MI IA -1k] <br />Department) and that the Department holds a fee mortgage (or leasehold) lien on the Affordable <br />Housing Development, free and clear of all encumbrances, encroachments, other interests and <br />exceptions to title other than as shall have been previously approved in writing by the Department. <br />The Department's Deed of Trust and Regulatory Agreement and the other loans indicated under <br />"Permanent Funding" in the Application shall have the lien priority as indicated in the Application. <br />37. Sponsor's Status <br />The Sponsor shall provide the Department with copies of all organizational documents, including <br />but not limited to, partnership agreements, operating agreements, corporate documents, and <br />related documents and agreements, as required by the Department. As of the date of the AHSC <br />Loan closing, the Sponsor and Borrower shall be a duly organized and validly existing limited or <br />general partnership, corporation, limited liability company, nonprofit public benefit corporation, or <br />other valid legal entity under California law. The Sponsor or Sponsor controlled Borrower has and <br />shall have the authority to enter into the AHSC Loan and related loan documents. <br />38. Prevailing Wage Compliance <br />Where applicable, prevailing wage rates shall be paid with respect to the construction work, as <br />the term is defined in the Standard Agreement, performed in connection with the Affordable <br />Housing Development. Prior to closing the AHSC Loan, a certificate signed by the general <br />contractor(s) and the Sponsor is required, certifying that prevailing wages have been, or will be, <br />paid in conformance with Labor Code Section 1720 et seq„ and that labor records shall be <br />maintained and made available to any enforcement agency upon request. <br />39. Insurance <br />The Sponsor shall obtain and maintain for the term of the AHSC Loan hazard and liability <br />insurance for the Affordable Housing Development in accordance with the Department's <br />requirements, including flood insurance if applicable, The Department shall be named as a loss <br />payee or an additional insured on all such policies. Such policies also shall provide for notice to <br />the Department in the event of any lapse of coverage and in the event of any claim thereunder. <br />The Sponsor shall provide evidence satisfactory to the Department of compliance with these <br />insurance requirements, <br />40. AHSC Loan Documents <br />The Sponsor shall enter into this Standard Agreement with the Department, which shall govern <br />the encumbrance by the Department of the funds to be used to fund the AHSC Loan. In addition, <br />the Sponsor shall enter into a Regulatory Agreement with the Department, governing certain <br />matters related to the use, operation and occupancy of the Affordable Housing Development, <br />including, but not limited to, the imposition of certain low income occupancy requirements, <br />regulation of rents on the low income units, audits and other financial controls and reserve <br />requirements, management oversight by the Department, compliance with federal and state laws, <br />and other Department requirements. In addition to the Regulatory Agreement, the loan shall be <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 />
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