FULL AGENDA_2018-01-16 - Laserfiche WebLink

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2 D. For the purpose of providing sixty-eight (68) units of housing that will be affordable to Extremely-Low, Very-Low and Low Income households (“Assisted Units”) and one (1) manager’s unit, the Developer and the Agency have entered into that certain Loan Agreement, dated on or about the date hereof (the “Agency Loan Agreement”) to which these Restrictions are attached as Exhibit B, which, along with all of its attachments, is incorporated herein by this reference (any capitalized term that is not otherwise defined in these Restrictions shall have the meaning ascribed to such term in the Agency Loan Agreement). E. In furtherance of the LMIHAF goals, Developer has applied to the Agency for a loan with which to: 1. provide deeper affordability and construct the improvements to the Property, and 2. thereafter to maintain, operate and professionally manage the Project as decent, safe, sanitary and affordable rental housing. F. The Agency, on certain terms and conditions, desires to make such loan (“Agency Loan”) to Developer in order to make possible the construction of the Project, thereby expanding the supply of decent, safe, sanitary and affordable housing. G. 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. H. The Agency Loan Agreement, Agency Deed of Trust, and Agency Promissory Note, dated concurrently herewith (collectively the "Loan Documents") are entered into for the purpose of providing for affordable extremely low, very low, and low-income residential rental units in the City of Santa Ana pursuant to the LMIHAF regulations and guidance. NOW, THEREFORE, AGENCY AND OWNER COVENANT AND AGREE AS FOLLOWS: 1. DEFINITIONS "Affordable Housing" means the total housing costs paid by a qualifying household, which shall not exceed the fraction of gross income specified in accordance with Sections 50052.5 and 50053 of the Health & Safety Code. In the event of a conflict between the fractions specified in this Defined Terms section, and those found in Sections 50052.5 and 50053 of the Health & Safety Code, the fractions specified by State law shall control. "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 California Tax Credit Allocation Committee (TCAC), or by the State of California, as applicable. “Agency” means the Housing Authority of the City of Santa Ana, acting as the Housing Successor Agency, a public body, corporate and politic, exercising governmental functions and powers, and organized and existing under the CRL. The principal office of the Agency is located at EXHIBIT 3 3-63