1 FIRST AMENDMENT
TO
AUTHORITY REGULATORY AGREEMENT
THIS FIRST AMENDMENT TO AUTHORITY REGULATORY AGREEMENT (“First Amendment”), is dated for purposes of identification only as of , 2025, by and between the ANAHEIM HOUSING AUTHORITY, a public body, corporate and politic, as the regulatory agency (“Authority”), and the ANAHEIM HOUSING AUTHORITY, a public body, corporate and politic, as the owner of the Project (“Owner”), with reference to the following:
A. The Authority and ELM STREET COMMONS, a California Limited Partnership (“Developer”), are parties to that certain AUTHORITY REGULATORY AGREEMENT dated as of February 9, 2007, and recorded on February 14, 2007, in the Official Records, Orange County, as Document No. 2007000097859, which is incorporated herein by this reference (“Original Agreement”), as part of Authority providing financial assistance to Developer in exchange for Developer constructing and operating the affordable housing project located at 111-125 West Elm Street in the City of Anaheim (“Project”).
B. The Owner purchased the Project from the Developer pursuant to that certain OPTION TO PURCHASE AGREEMENT (Elm Street Commons Affordable Housing Project) dated , 2025, which is incorporated herein by this reference, which included Developer’s rights and obligations under the Original Agreement.
C. Section 2, subsections (b), (e), and (g), of the Original Agreement provide that the Affordable Rent for the Affordable Units in the Project shall be determined annually in accordance with AMI income figures determined and published annually by HCD pursuant to California Health & Safety Code section 50053, including successor statutes and regulations.
D. The Parties desire to amend the Original Agreement to allow the Affordable Rent for the Project to be determined and set using either HCD rent calculations or TCAC rent calculations upon the discretion of the Authority as the regulatory agency.
NOW, THEREFORE, the Parties hereby agree as follows:
Section 1. Defined Terms. Except as otherwise defined herein, all capitalized terms used herein shall have the meanings set forth for such terms in the Original Agreement.
Section 2. Affordable Rent . The Parties hereby agree tha t Section 2 (b) and (g) (Affordable Rent) of the Original Agreement are hereby amended to allow the Authority as the regulatory agency to use either HCD rent calculations or TCAC rent calculations to determine the maximum allowable Affordable Rent for the Project.
Section 3. Integration. This First Amendment, the agreements specifically referred to herein, and all attachments hereto (if any) integrate all of the terms and conditions mentioned herein, and supersede all negotiations with respect to the subject matter hereof. This First Amendment amends, as set forth herein, the Original Agreement and, except as specifically 2 amended hereby, the Original Agreement shall remain in full force and effect. To the extent that there is any conflict or inconsistency between the terms and provisions of this First Amendment and the terms and provisions of the Original Agreement, the te rms and provisions of this First Amendment shall control and govern the rights and obligations of the Parties.
Section 4. Binding Effect of Agreement. Each of the Parties to this First Amendment represents that the person signing this First Amendment on behalf of such Party is fully authorized to execute the First Amendment on behalf such Party and has the full legal authority to bind his or her respective Party to all of the terms, conditions and provisions of this First Amendment and that no other approvals or consents are necessary in connection therewith. All terms and conditions of this First Amendment shall be binding upon the Parties, their heirs, administrators, successors, representatives and/or assigns.
[SIGNATURES BEGIN ON NEXT PAGE]
3 IN WITNESS HEREOF, the Parties enter into this First Amendment on the year and day first above written.
“AUTHORITY”
ANAHEIM HOUSING AUTHORITY,
a public body, corporate and politic
By:
Grace Ruiz-Stepter
Director
APPROVED AS TO FORM: ATTEST:
ROBERT FABELA, CITY ATTORNEY THERESA BASS, CITY CLERK
By: By:
Ryan O. Hodge Theresa Bass
Deputy City Attorney
“OWNER”
ANEHEIM HOUSING AUTHORITY,
A public body, corporate and politic
By:
Grace Ruiz-Stepter
Director
APPROVED AS TO FORM: ATTEST:
ROBERT FABELA, CITY ATTORNEY THERESA BASS, SECRETARY
By: By:
Ryan O. Hodge Theresa Bass
Deputy City Attorney