SANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT) - 2017

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HOME LOAN AGREEMENT THIS HOME LOAN AGREEMENT (the "Agreement") dated, for identification purposes only, as of July 5, 2017, is made and entered into by and between the CITY OF SANTA ANA, a charter city and municipal corporation ("City") and SANTA ANA ARTS COLLECTIVE, L.P., a California limited partnership ("Developer"), with reference to the following: RECITALS: A. The City has received an allocation of funds from the United States Department of Housing and Urban Development ('HUD") under the HOME Investment Partnerships Program ('HOME Program") (42 U.S.C. § 12701, et seq.) to be used in accordance with applicable statutory requirements and regulations ('HOME Regulations")(24 CFR 92); B. 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; C. The City is authorized by the HOME Regulations to expend funds to increase the supply of very low and low-income housing available at affordable housing costs. D. The City issued a Request for Proposals on June 1, 2015, seeking affordable housing projects. After reviewing all applications, the Developer's project was selected and approved for funding by the Santa Ana City Council on November 3, 2015. E. Developer is entering into this Agreement to acquire and, subject to entitlement approvals, develop an adaptive reuse project consisting of a fifty-eight (58) unit multi -family residential housing development, with live/work units and a possible commercial art studio, as well as a community room (the "Project") located at 1666 N. Main Street, within the City of Santa Ana, California, and legally described in Exhibit A attached hereto (the "Property"). The HOME funds referenced herein shall assist in the acquisition, rehabilitation, construction, and soft costs of said Project. F. In furtherance of the HOME Program, Developer has applied to the City for a loan with which to: