Laserfiche WebLink
<br /> 1 <br />FREE RECORDING REQUESTED PURSUANT <br />TO GOVERNMENT CODE SECTION 27383 <br /> <br />When Recorded Mail to: <br /> <br />City of Santa Ana <br />Clerk of the Council <br />20 Civic Center Plaza (M-30) <br />P.O. Box 1988 <br />Santa Ana, CA 92702-1988 <br />Attention: Clerk of the Council <br /> <br /> <br />AFFORDABILITY RESTRICTIONS <br />ON TRANSFER OF PROPERTY <br /> <br />{Address: 1440 East First Street, Santa Ana, California} <br /> <br />THESE AFFORDABILITY RESTRICTIONS ON TRANSFER OF PROPERTY (the <br />"Restrictions") are entered into by and between AMCAL 1440 Santa Ana Fund, LP, a California <br />limited partnership (“Developer”) and the Housing Authority of the City of Santa Ana, acting as <br />the Housing Successor Agency, a public body, corporate and politic (“Agency”). <br /> <br />RECITALS: <br /> <br />A. Developer is the owner of that certain real property located at 1440 East First <br />Street, Santa Ana, California (the “Property”), more particularly described in Exhibit A, which is <br />attached hereto and incorporated herein by this reference. <br /> <br />B. The Agency is authorized by Section 34176 of the Health and Safety Code to <br />perform housing functions previously performed by the City’s former redevelopment agency to <br />increase the supply of very low and low-income housing available at affordable housing costs. <br />Pursuant to subdivision (d) of Section 34176, the low and moderate income housing asset fund <br />(“LMIHAF”) was established as a housing asset and the funds in the LMIHAF shall be used in a <br />manner consistent with the affordable housing requirements of the Community Redevelopment <br />Law of the State of California (“CRL”), (Part 1 commencing with Section 33000, et seq.). Such <br />uses may include the construction, preservation, and rehabilitation of affordable housing for low- <br />income households. <br /> <br /> C. The City and the Housing Authority of the City of Santa Ana (“Housing <br />Authority”) reviewed Developer’s request for assistance and at the City Council/Housing <br />Authority meeting on June 20, 2017, the Housing Authority Board authorized and approved <br />issuance of a conditional, pre-commitment letter evidencing the preliminary award of $8,522,740 <br />of funds to the Project (“Agency Loan”), to be funded exclusively from the Low and Moderate <br />Income Housing Asset Fund (the “LMIHAF”) held by the Agency. <br /> <br />EXHIBIT 3 <br />3-62