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

Home Browse Search

2. thereafter to maintain, operate and professionally manage the Project as decent, safe, sanitary and affordable rental housing. G. The City, on certain terms and conditions, desires to make such loan ("City Loan") to Developer in order to make possible the rehabilitation and construction of the Project, thereby expanding the supply of decent, safe, sanitary and affordable housing. H. If there is any inconsistency between Federal, State, and local guidelines with regard to any of the terms and conditions contained herein, the more stringent shall apply. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, City and Developer agree as follows: DEFINITIONS AND INTERPRETATION 1.1 Defined Terms. All capitalized terms used herein, including, without limitation, in the Recitals above and in all other Project Documents, unless otherwise expressly defined, are defined where first used in this Agreement and/or as set forth in this Article 1. "Affordable Housing" means housing operated in accordance with the requirements of 24 CFR 570. "Affordability Restrictions on Transfer of Property" means that certain documents affecting real property benefiting the City, attached hereto as Exhibit B. "Affordable Rent" means the monthly rents which do not exceed the maximum amount applicable to Extremely Low, Very Low and Low Income households, as promulgated by the U.S. Department of Housing and Urban Development (HUD), or by the California Tax Credit Allocation Committee, as applicable. "AHSC Loan" means a permanent loan of Affordable Housing and Sustainable Communities program funds from HCD administered by the California Strategic Growth Council in the amount of $4,944,130 "AHSC Deed of Trust" means any deed(s) of trust securing the AHSC Loan encumbering the Property. "AHSC Documents" means, collectively, the loan agreement governing the AHSC, the AHSC Note, the AHSC Deed of Trust, and any other agreement, document or instrument that the Senior Lender requires in connection with the AHSC Loan. "Building Permit" means the building permit(s) issued by City and required for the construction, if any.