Agenda packet, joint meeting — Glendale City Council, June 30, 2026 (part 2 of 2)

PROMISSORY NOTE

TO THE HOUSING AUTHORITY

OF THE CITY OF GLENDALE
(HOME PROGRAM FUNDS - CHDO)
(BRAVO HOME)
3 % Interest Glendale, California
$683,361 ______________, 2026
F
OR VALUE RECEIVED, VERDUGO HOUSING CORPORATION, a California nonprofit public benefit corporation (“ Borrower”), hereby promises to pay to the HOUSING AUTHORITY OF THE CITY OF GLENDALE (“ Authority”), a public body, corporate and politic, or order, a principal amount of Six Hundred Eighty-Three Thousand Three Hundred Sixty- One Dollars ($ 683,361), being the principal amount of the Authority’s loan of HOME Program Funds (the “HOME CHDO Loan ”). This Note is given pursuant to that certain Affordable Housing Agreement dated as of ________________, 2026 between Borrower and the Authority, as it may be amended from time to time (the “Affordable Housing Agreement”) and evidences the HOME CHDO Loan to Borrower, which provides part of the financing for the rehabilitation and development of that certain real property legally described in the Deed of Trust securing this Note (the “Property”). The obligation of Borrower to Authority hereunder is subject to the terms of the Affordable Housing Agreement, this Note and the following instruments, each dated on or about the date hereof, and, where applicable, executed and delivered by Borrower for the purpose of securing this Note: an Agreement Containing HOME Program Requirements , as it may be amended from time to time (“HOME CHDO Regulatory Agreement”) and a Deed of Trust, Security Agreement and Fixture Filing ( with Assignment of Rents), as it may be amended from time to time (“Authority Deed of Trust”). Said documents are public records on file in the offices of Authority, and the provisions of said documents are incorporated herein by this reference. The Borrower will pay interest at the rate, in the amount and at the time hereinafter provided.

1. C ap
italized terms not otherwise defined herein will have the meaning ascribed to such term s in the Affordable Housing Agreement. In addition, the following terms have the following meanings:
“Annual Financial Statement” means the annual audited financial statement of Revenue and Operating Expenses and balance sheet for the Improvements, prepared at the Borrower’s expense, by an independent certified public accountant reasonably acceptable to the Authority, which will form the basis for determining the Residual Receipts. “A
uthority Deed of Trust ” means the Deed of Trust, Security Agreement and Fixture Filing (With Assignment of Rents) executed by Borrower in favor of Authority and dated on or about the date hereof, which secures this Note and the HOME CHDO Loan evidenced hereby. 139 of 230

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“A
uthority’s Share of Residual Receipts ” will have the meaning set forth in Section 8, below.
“H
OME ARP Loan” means the loan made by the Authority to Borrower in the maximum amount of $2,100,000, which is evidenced by the HOME ARP Note and secured by the Authority Deed of Trust.
“H
OME ARP Note” means the Promissory Note dated as of the date hereof evidencing the HOME ARP Loan.
“HOM
E CHDO Loan” means the loan from the Authority to Borrower pursuant to the Affordable Housing Agreement as amended from time to time, in the amount of $683,361, which is evidenced by this Note and secured by the Authority Deed of Trust. “
HOME CHDO Note” means this Note dated as of the date hereof evidencing the HOME CHDO Loan.
“N
et Proceeds” means the proceeds of a sale, transfer or refinancing, less the customary and reasonable costs of the transaction which costs are subject to the prior written approval of the Authority Executive Director or designee.
“O
perating Expenses” means actual, reasonable and customary costs, fees and expenses directly attributable to the operation, maintenance and management of the Property that are consistent with an annual independent audit performed by a certified public accountant using generally accepted accounting principles, expressly including, without limitation, payment of the following:
a. P
roperty and other taxes and assessments imposed on the Project; b. General administrative expenses including but not limited to advertising and marketing, security services and systems and similar customary administrative expenses;
c. Maintenance and repair including but not limited to pest control, landscaping and grounds maintenance, painting and decorating, cleaning, common systems repairs, general repairs, janitorial, supplies, and similar customary services; d. Funds deposited into a replacement reserve fund in the amount of $250 per unit per year to be increased at an annual rate of three percent (3%); e. Funds deposited into an operating reserve fund in the amount of $250 per unit per year to be increased at an annual rate of three percent (3%); f. Utility services not paid for directly or reimbursed by tenants, including but not limited to water, sewer, trash collection, gas and electricity; 140 of 230

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g. License or certificate of occupancy fees required for operation of the Project; h. Premiums for property damage and liability insurance ; i. Cable television, satellite , and similar services;
j. Recreational amenities, supplies , programs, and services; k. Purchase, repair, servicing and installation of appliances, equipment, fixtures and furnishings (other than from reserves); and
l. Fees and expenses of accountants, attorneys, consultants and other professionals, including annual audits and tax return preparation costs payable to a third party.

Operating Expenses will not include the following: depreciation, amortization, depletion or other non-cash expenses, or any amount expended from a reserve account. Operating Expenses will be subject to the reasonable approval of the Authority. “P
LHA Loan” means the loan made by the Authority to Borrower in the maximum amount of $781,000, which is evidenced by the PLHA Note and secured by the Authority Deed of Trust. “PL
HA Note” means the Promissory Note dated as of the date hereof evidencing the PLHA Loan.
“R
esidual Receipts” means the Revenue minus the Operating Expenses, calculat ed on a 12-month basis. All calculations of Residual Receipts will be subject to verification and reasonable approval by the Authority.
“R
evenue” means the gross rental income from the Improvements, and any other income to the Borrower derived from the ownership, operation and management of the Property, including but not limited to the following: all rents, fees and charges paid by tenants, Section 8 payments or other rental subsidy payments received for the dwelling units, deposits forfeited by tenants, all cancellation fees, price index adjustments and any other rental adjustments to leases or re ntal agreements; proceeds from vending and laundry room machines; the proceeds of business interruption or similar insurance; the proceeds of casualty insurance to the extent not utilized to repair or rebuild the Project; and condemnation awards for a taking of part or all of the Project for a temporary period. “Revenue” will also include the fair market value of any goods or services provided in consideration for the leasing or other use of any portion of the Project. “Revenue” will not include tenants’ security deposits, the Authority Loan s, Developer Equity, including capital contributions or similar advances, or interest that is earned on and allocated to reserve accounts. “T
erm” of this Note means a term that expires on the thirtieth (30th) anniversary of the date of this Note.
“T
ransfer” will have the meaning set forth in Section 11.e of this Note. 141 of 230

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2. This Note evidences the obligation of the Borrower to the Authority for the repayment of the HOME CHDO Loan. None of the funds provided pursuant to the HOME CHDO Loan were funded directly or indirectly with any obligation the interest on which is exempt from tax under Section 103 of the Internal Revenue Code of 1986, as amended, or pursuant to any United States government federal source.

3. This Note is payable at the principal office of Authority, 141 North Glendale Avenue, Glendale, California 9 1206, or at such other place as the holder hereof may inform the Borrower in writing, in lawful money of the United States.

4. This Note is secured by the Authority Deed of Trust.

5. This Note will bear 3% simple interest. Interest will begin to accrue on the date of each disbursement of the HOME CHDO Loan.

6. Except as described in Section 7 hereof, no payments will be due and payable under this Note except to the extent of (a) the Authority’s S hare of Residual Receipts as described in Section 8, below, and (b) any Net Proceeds as set forth in Section 10, below.

7. The entire unpaid principal balance of this Note and any accrued but unpaid interest will be due and payable upon the expiration of the Term hereof, or immediately upon the occurrence of either of the following:
a. if the Property or Project or any portion thereof or interest therein is sold, transferred, assigned , hypothecated, or refinanced, without the prior written approval of the Authority, except as otherwise permitted in this Note, including a Permitted Transfer; or b. if there is a default by the Borrower under the terms of this Note, the Authority Deed of Trust, the A ffordable Housing Agreement , the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement , or any deed of trust or other obligations secured by a deed of trust on the Property, which is not cured within the respective time period provided herein and therein.

8. Prior to the expiration of the Term hereof, Borrower will be obligated to repay the HOME CHDO Loan from the Authority’s Share of Residual Receipts, as follows:
a. Annually, not later than the thirtieth (30
th) day of April, beginning with the
April 30, 2027, Borrower will submit to Authority an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the Authority, determining the amount of Residual Receipts, if any, generated in that year, together with payment of the Authority’s Share of such Residual Receipts. The first such Annual Financial Statement will be for the year beginning on the later of (i) the date of this Note or (ii) January 1, 2026 and ending on December 31, 2026 (which may be a partial year depending on the date of this Note). The Authority will review and approve such Annual Financial Statement, or request reasonable revisions, within 30 days after receipt. If as the result of the Authority’s review of the 142 of 230

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statement, there is an increase in the amount of any payment due and payable to Authority (as the result, for example, of a determination that the actual amount of Residual Receipts to which the Authority is entitled exceeds the amount of Authority ’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower will promptly pay to the Authority the difference, with interest, from the date on which such payment was due, at the rate of one percent (1%) over the Prime Rate announced by Bank of America, but in any event within ten (10) days of notice of such increase.
b. The Authority’s Share of Residual Receipts to be applied to this Note , the HOME ARP Note , and the PLHA Note will be fifty percent ( 50%). The Authority’s Share of Residual Receipts will be applied to the HOME CHDO Note, the HOME ARP Note, and the PLHA Note as follows: 19% will be applied to the HOME CHDO Note, 59% will be applied to the HOME ARP Note, and 22% will be applied to the PLHA Note. The HOME CHDO Note shall have priority over the HOME ARP Note and the PLHA Note and the HOME ARP Note shall have priority over the PLHA Note.

9. All payments applie d to this Note will be applied first to penalties and late fees, then to interest, then to reduce the principal amount owed.

10. To induce Authority to make the HOME CHDO Loan evidenced hereby, Borrower covenants and agrees that if at any time Borrower obtains any Net Proceeds, Borrower will apply the Net Proceeds first to pay previously incurred and unpaid Operating Expenses (as defined above) still owing, then, one hundred percent (100%) of the balance will be paid to the Authority to pay accrued interest on, and then reduce the principal amount of , the HOME CHDO Loan, the HOME ARP Loan, and the PLHA Loan with 19% repayment to the HOME CHDO Loan, 59% repayment to the HOME ARP Loan, and 22% repayment to the PLHA Loan.

11. Prohibitions on Transfer.
a. Prior to the repayment in full of the HOME CHDO Loan and expiration of the term of the HOME CHDO Regulatory Agreement, the Borrower must not, except for Permitted Transfers or as permitted by the Affordable Housing Agreement, assign or attempt to assign the Affordable Housing Agreement or this Note or any right therein or herein, nor make any total or partial sale, transfer, conveyance or assignment of the whole or any part of the Property or Project (referred to hereinafter as a “Transfer”), without prior written approval of the Authority, except as expressly permitted by the Affordable Housing Agreement or this Note. Consent to one such transaction will not be deemed to be a waiver of the right to require consent to future or successive transactions. Authority shall not unreasonably withhold or delay its consent. If consent should be given, any such transfer shall be subject to this Section 11, and any such transferee shall assume all obligations hereunder and agree to be bound by all provisions contained herein. b. P
roposed transferees must have the qualifications and financial responsibility necessary and adequate as may be reasonably determined by the Authority, to fulfill Borrower’s obligations undertaken in the Affordable Housing Agreement , the HOME CHDO 143 of 230

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Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement , this Note, the HOME ARP Note, the PLHA Note, and the Environmental Indemnity. A proposed transferee, by instrument in writing satisfactory to the Authority and in form recordable among the land records, for itself and its successors and assigns, and for the benefit of the Authority must expressly assume all of Borrower’s obligations under the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, this Note, the HOME ARP Note, the PLHA Note, and the Environmental Indemnity and agree to be subject to all conditions and restrictions applicable to Borrower . There must be submitted to the Authority for review all instruments and other legal documents proposed to affect any such transfer; and if approved by the Authority its approval will be indicated to Borrower in writing. If consent should be given, such transfer will be subject to this Section 11. c. In the absence of specific written agreement by the Authority, no unauthorized Transfer, or approval thereof by the Authority, will be deemed to relieve the Borrower or any other party from any obligations under the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, this Note, the HOME ARP Note, the PLHA Note, or the Environmental Indemnity. d. In the event of a Transfer prior to the time the HOME CHDO Loan is paid in full and expiration of the t erm of the HOME CHDO Regulatory Agreement without the prior written consent of the Authority, the remaining principal balance of the HOME CHDO Loan and all accrued but unpaid interest will be immediately due and payable. e. As used herein, “Transfer” means
i. the sale, agreement to sell, transfer or conveyance of the Property, the Project, or any portion thereof or interest therein (including, without limitation, a beneficial interest), whether voluntary, involuntary, by operation of law or otherwise, the execution of any installment sale contract or similar instrument affecting all or a portion of the Property or Project, or the lease of all or substantially all of the Property or Project. ii. “Transfer” also includes the transfer, assignment, hypothecation or conveyance of legal or beneficial ownership of an interest in Borrower, or a conversion of Borrower to an entity form other than that of Borrower at the time of execution of the Affordable Housing Agreement.

12. The HOME CHDO Loan is funded from the Authority’s HOME Program Funds.

Accordingly, Borrower agrees for itself, its successors and assigns that the use of the property will be subject to the restrictions on rent and occupancy set forth in the HOME CHDO Regulatory Agreement.

13. Subject to the provisions and limitations of this Section 13, the obligation to repay the HOME CHDO Loan is a nonrecourse obligation of the Borrower. Borrower will not have any personal liability for repayment of the loan, except as provided in this Section 13. The sole recourse 144 of 230

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of Authority will be the exercise of its rights against the Property and other security for the HOME CHDO Loan. Provided, however, that the foregoing will not (a) constitute a waiver of an obligation evidenced by this Note or the Authority Deed of Trust; (b) limit the right of the Authority to name Borrower as a party defendant in any action or suit for judicial foreclosure and sale under this Note and the Authority Deed of Trust or any action or proceeding hereunder so long as no judgment in the nature of a deficiency judgment will be asked for or taken against Borrower; (c) release or impair this Note or the Authority Deed of Trust; (d) prevent or in any way hinder the Authority from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, any other remedy again st the mortgaged Property or other instrument securing the Note or as prescribed by law or in equity in case of default; (e) prevent or in any way hinder the Authority from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, its remedies in respect of deposits, insurance proceeds, condemnation awards or other monies or other collateral or letters of credit securing this Note; (f) relieve Borrower of its obligations under an indemnity delivered by Borrower to Authority; or (g) affec t in any way the validity of a guarantee or indemnity from any person of all or any of the obligations evidenced and secured by this Note and the Authority Deed of Trust. The foregoing provisions of this paragraph are limited by the provision that in the event of the occurrence of a default, Borrower and its successors and assigns will have personal liability hereunder for any deficiency judgment, but only if and to the extent Borrower, its principals, shareholders, partners or its successors and assigns received rentals, other revenues, or other payments or proceeds in respect of the mortgaged Property after the occurrence of such default, which rentals, other revenues, or other payments or proceeds have not been used for the payment of ordinary and reasonable operating expenses of the mortgaged Property, ordinary and reasonable capital improvements to the mortgaged Property, debt service, real estate taxes in respect of the mortgaged Property and basic management fees, but not incentive fees, payable to an entity or person unaffiliated with Borrower in connection with the operation of the mortgaged Property, which are then due and payable. Notwithstanding the first sentence of this paragraph, Authority may recover directly from Borrower or from any other party:
a. damages, costs and expenses incurred by the Authority as a result of fraud or criminal act or acts of Borrower or a partner, shareholder, officer, director or employee of Borrower, or of a member or general or limite d partner of Borrower, or of a general or limited partner of such member or general or limited partner;
b. damages, costs and expenses incurred by Authority as a result of misappropriation of funds provided for the payment of Development Costs, as described in the Affordable Housing Agreement, rents and revenues from the operation of the Project, or proceeds of insurance policies or condemnation proceeds;
c. all amounts owing by Borrower pursuant to the indemnification regarding Hazardous Substances under the Environmental Indemnity, and d. all court costs and attorneys ’ fees reasonably incurred in enforcing or collecting upon any of the foregoing exceptions (provided that Authority will pay Borrower’s 145 of 230

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reasonable court costs and attorneys’ fees if Borrower is the prevailing party in such enforcement or collection action).

14. Borrower waives presentment for payment, demand, protest, and notices of dishonor and of protest; the benefits of all waivable exemptions; and all defenses and pleas on the ground of an extension or extensions of the time of payment or of a due date under this Note, in whole or in part, whether before or after maturity and with or without notice. Borrower hereby agrees to pay all costs and expenses, including reasonable attorney’s fees, which may be incurred by the holder hereof, in the enforcement of this Note, the Authority Deed of Trust or any term or provision of either thereof.

15. Upon the failure of Borrower to perform or observe a term or provision of this Note, or upon the occurrence of an event of default under the terms of the Authority Deed of Trust, the Affordable Housing Agreement , the HOME CHDO Regulatory Agreement , the HOME ARP Regulatory Agreement, the Regulatory Agreement, or other obligations secured by a deed of trust on the Property, and after expiration of the applicable cure period, the holder may exercise its rights or remedies hereunder or thereunder.

16. Defaults and Remedies.
a. Subject to the extensions of time set forth in Section 17, and subject to the further provisions of this Secti on 16, failure or delay by Borrower to perform a material term or provision of this Note, the Authority Deed of Trust, the A ffordable Housing Agreement , the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreemen t, the Regulatory Agreement, or other obligations secured by a deed of trust on the Property, constitutes a default under this Note.
b. The Authority will give written notice of default to Borrower at the address set forth below, specifying the default complained of by the Authority. Delay in giving such notice will not constitute a waiver of any default nor will it change the time of default. c. Failures or delays by the Authority in asserting its rights and remedies as to a default will not operate as a waiver of default or of such rights or remedies. Delays by the Authority in asserting its rights and remedies will not deprive the Authority of its right to institute and maintain actions or proceedings which it may deem necessary to protect, assert, or enforce such rights or remedies.
d. If a monetary event of default occurs under the terms of this Note or the Authority Deed of Trust, or other obligations secured by a deed of trust on the Property, prior to exercising its remedies hereunder or thereunder the Authority will give Borrower written notice of such default. Borrower will have a reasonable period of time after such notice is given within which to cure the default prior to exercise of remedies by the Authority under this Note and the Authority Deed of Trust. In no event will the Authority be precluded from exercising remedies if its security becomes or is about to become materially impaired by a failure to cure a default or the 146 of 230

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default is not cured within ten (10) calendar days after the notice of default is received or deemed received.
e. If a non-monetary event of default occurs under the terms of the Affordable Housing Agreement, this Note, the Authority Deed of Trust , the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, or a document implementing the Affordable Housing Agreement or other obligations secured by a deed of trust on the Property, prior to exercising its remedies hereunder or thereunder, the Authority will give Borrower written notice of such default. If the default is reasonably capable of being cured within thirty (30) calendar days after such notice is received or deemed received, Borrower will have such period to effect a cure prior to exercise of remedies by the Authority under the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, this Note and/or the Authority Deed of Trust. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and Borrower (i) initiates corrective action within said period, and (ii) diligently and in good faith works to effect a cure as soon as possible, then Borrower will have such additional time as is reasonably necessary to cure the default prior to the Authority’s exercise of remedies. In no event will Authority be precluded from exercising remedies if its security becomes or is about to become materially je opardized by a failure to cure a default or the default is not cured within one hundred eighty (180) days after the notice of default is received or deemed received or such additional time as is reasonably approved by the Authority Executive Director or designee.
f. A notice of default that is transmitted by electronic facsimile transmission followed by delivery of a “hard” copy, will be deemed delivered upon its transmission; a notice of default that is personally delivered (including by means of professional messenger service, courier service such as United Parcel Service or Federal Express, or by U.S. Postal Service), will be deemed received on the documented date of receipt by Borrower; and a notice of default that is sent by registered or certified mail, postage prepaid, return receipt required will be deemed received on the date of receipt thereof. Notices will be sent to the following addresses:

To Authority:

HOUS

ING AUTHORITY OF

THE CITY OF GLENDALE
141 N. Glendale Avenue, Room 202,
Glendale, California 91206
Attention: Executive Director
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With a copy to: CITY OF GLENDALE
City Attorney’s Office
613 E. Broadway
Suite 220
Glendale, California 91206
Attention: City Attorney
T
o Borrower:

V
erdugo Housing Corporation
221 E. Walnut St.

Suite 112
Pasadena, CA 91101
Attn: Executive Director

17. N
otwithstanding specific provisions of this Note, Borrower will not be deemed to be in default for failure to perform a non-monetary obligation hereunder where delays or defaults are due to war, insurrection, strikes, lock- outs, riots, floods, earthquakes, fires, casualties, acts of God, acts of the public enemy, epidemics, quarantine restrictions, freight embargoes, lack of transportation, governmental restrictions or priority, litigation, unusually severe weather, inability to secure necessary labor, material or tools, delays of any contractor, sub- contractor or supplier, acts of the Authority or any other public or governmental Authority or entity, or any causes beyond the control or without the fault of the Borrower. An extension of time for any such cause (a “Force Majeure Delay”) will be for the period of the enforced delay and will commence to run from the time of the commencement of the cause, if notice by Borrower is sent to the Authority within fifteen (15) days of knowledge of the commencement of the cause. Notwithstanding the foregoing, none of the foregoing events will constitute a Force Majeure Delay unless and until Borrower delivers to the Authority written notice describing the event, its cause, when and how Borrower obtained knowledge, the date and the event commenced, and the estimated delay resulting therefrom. Borrower will deliver such written notice within fifteen (15) days after it obtains actual knowledge of the event. Times of performance under this Note may also be extended in writing by the Authority and Borrower, such revision approval may be denied by either party in its sole discretion.

18. If the rights created by this Note are held by a court of competent jurisdiction to be invalid or unenforceable as to any part of the obligations described herein, the remaining obligations must be completely performed and paid.

19. With regard to an approval, consent , or other determination by the Authority required under this Note, the Authority will act reasonably and in good faith.

20. Borrower will have the right to prepay the obligation evidenced by this Note, or any part thereof, without penalty. However, prepayment of the obligation evidenced by this Note 148 of 230

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prior to the expiration of the term of the HOME CHDO Regulatory Agreement will not entitle Borrower to a reconveyance of the Authority Deed of Trust.

21. This Note may be executed by each signatory on a separate signature page, and when the executed signature pages are combined, shall constitute one single instrument. [
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
[
SIGNATURES ON FOLLOWING PAGE]
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I
N WITNESS WHEREOF Borrower has executed this Note as of the day and year first set forth above.

ORROWER
V
erdugo Housing Corporation, a California nonprofit
public benefit corporation
B
y: ____________________________
Name: ______________________
Title: ______________________
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ATTACHMENT NO. 9
HOM

E ARP NOTE
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PROMISSORY NOTE

TO THE HOUSING AUTHORITY

OF THE CITY OF GLENDALE
(HOME ARP PROGRAM FUNDS)
(BRAVO HOME)
3 % Interest Glendale, California
$2,100,000 ______________, 2026
F
OR VALUE RECEIVED, VERDUGO HOUSING CORPORATION, a California nonprofit public benefit corporation (“ Borrower”), hereby promises to pay to the HOUSING AUTHORITY OF THE CITY OF GLENDALE (“ Authority”), a public body, corporate and politic, or order, a principal amount of Two Million One Hundred Thousand Dollars ($2,100,000), being the principal amount of the Authority’s loan of HOME ARP Program Funds (the “HOME ARP Loan”). This Note is given pursuant to that certain Affordable Housing Agreement dated as of _______________, 2026, between Borrower and the Authority, as it may be amended from time to time (the “Affordable Housing Agreement ”) and evidences the HOME ARP Loan to Borrower, which provides part of the financing for the rehabilitation and development of that certain real property legally described in the Deed of Trust securing this Note (the “ Property”).

The obligation of Borrower to Authority hereunder is subject to t he terms of the Affordable Housing Agreement, this Note and the following instruments, each dated on or about the date hereof, and, where applicable, executed and delivered by Borrower for the purpose of securing this Note: an Agreement Containing HOME ARP Program Requirements, as it may be amended from time to time (“HOME ARP Regulatory Agreement”) and a Deed of Trust, Security Agreement and Fixture Filing ( with Assignment of Rents) , as it may be amended from time to time (“Authority Deed of Trust ”). Said documents are public records on file in the offices of Authority, and the provisions of said documents are incorporated herein by this reference. The Borrower will pay interest at the rate, in the amount and at the time hereinafter provided.

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“A
uthority’s Share of Residual Receipts ” will have the meaning set forth in Section 8, below.
“H
OME ARP Loan ” means the loan from the Authority to Borrower pursuant to the Affordable Housing Agreement as amended from time to time, in the amount of $2,100,000, which is evidenced by this Note and secured by the Authority Deed of Trust. “H
OME ARP Note” means this Note dated as of the date hereof evidencing the HOME ARP Loan.
“HOM
E CHDO Loan ” means the loan made by the Authority to Borrower in the maximum amount of $683,361, which is evidenced by the HOME CHDO Note and secured by the Authority Deed of Trust.
“
HOME CHDO Note” means the Promissory Note dated as of the date hereof evidencing the HOME CHDO Loan.
“N
et Proceeds” means the proceeds of a sale, transfer or refinancing, less the customary and reasonable costs of the transaction which costs are subject to the prior written approval of the Authority Executive Director or designee.
“O
perating Expenses” means actual, reasonable and customary costs, fees and expenses directly attributable to the operation, maintenance and management of the Property that are consistent with an annual independent audit performed by a certified public accountant using generally accepted accounting principles, expressly including, without limitation, payment of the following:
a. P
roperty and other taxes and assessments imposed on the Project; b. General administrative expenses including but not limited to advertising and marketing, security services and systems and similar customary administrative expenses;
c. Maintenance and repair including but not limited to pest control, landscaping and grounds maintenance, painting and decorating, cleaning, common systems repairs, general repairs, janitorial, supplies, and similar customary services; d. Funds deposited into a replacement reserve fund in the amount of $250 per unit per year to be increased at an annual rate of three percent (3%); e. Funds deposited into an operating reserve fund in the amount of $250 per unit per year to be increased at an annual rate of three percent (3%); f. Utility services not paid for directly or reimbursed by tenants, including but not limited to water, sewer, trash collection, gas and electricity; 153 of 230

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2. This Note evidences the obligation of the Borrower to the Authority for the repayment of the HOME ARP Loan. None of the funds provided pursuant to the HOME ARP Loan were funded directly or indirectly with any obligation the interest on which is exempt from tax under Section 103 of the Internal Revenue Code of 1986, as amended, or pursuant to any United States government federal source.

4. This Note is secured by the Authority Deed of Trust.

5. This Note will bear 3% simple interest. Interest will begin to accrue on the date of each disbursement of the HOME ARP Loan.

7. The entire unpaid principal balance of this Note and any accrued but unpaid interest will be due and payable upon the expiration of the Term hereof, or immediately upon the occurrence of either of the following:
a. if the Property or Project or any portion thereof or interest therein is sold, transferred, assigned , hypothecated, or refinanced, without the prior written approval of the Authority, except as otherwise permitted in this Note, including a Permitted Transfer; or b. if there is a default by the Borrower under the terms of this Note, the Authority Deed of Trust, the A ffordable Housing Agreement , the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, or any deed of trust or other obligations secured by a deed of trust on the Property, which is not cured within the respective time period provided herein and therein.

8. Prior to the expiration of the Term hereof, Borrower will be obligated to repay the HOME ARP Loan from the Authority’s Share of Residual Receipts, as follows:
a. Annually, not later than the thirtieth (30
th) day of April, beginning with the
April 30, 2027, Borrower will submit to Authority an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the Authority, determining the amount of Residual Receipts, if any, generated in that year, together with payment of the Authority’s Share of such Residual Receipts. The first such Annual Financial Statement will be for the year beginning on the later of (i) the date of this Note or (ii) January 1, 2026 and ending on December 31, 2026 (which may be a partial year depending on the date of this Note). The Authority will review and approve such Annual Financial Statement, or request reasonable revisions, within 30 days after receipt. If as the result of the Authority’s review of the 155 of 230

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statement, there is an increase in the amount of any payment due and payable to Authority (as the result, for example, of a determination that the actual amount of Residual Receipts to which the Authority is entitled exceeds the amount of Authority ’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower will promptly pay to the Authority the difference, with interest, from the date on which such payment was due, at the rate of one percent (1%) over the Prime Rate announced by Bank of America, but in any event within ten (10) days of notice of such increase.
b. T he Authority’s Share of Residual Receipts to be applied to this Note, the HOME CHDO Note, and the PLHA Note will be fifty percent (50 %). The Authority’s Share of Residual Receipts will be applied to the HOME CHDO Note, the HOME ARP Note, and the PLHA Note as follows: 19% will be applied to the HOME CHDO Note, 59% will be applied to the HOME ARP Note, and 22% will be applied to the PLHA Note. The HOME CHDO Note shall have priority over the HOME ARP Note and the PLHA Note and the HOME ARP Note shall have priority over the PLHA Note.

9. All payments applie d to this Note will be applied first to penalties and late fees, then to interest, then to reduce the principal amount owed.

10. To induce Authority to make the HOME ARP Loan evidenced hereby, Borrower covenants and agrees that if at any time Borrower obtains any Net Proceeds, Borrower will apply the Net Proceeds first to pay previously incurred and unpaid Operating Expenses (as defined above) still owing, then, one hundred percent (100%) of the balance will be paid to the Authority to pay accrued interest on, and then reduce the principal amount of , the HOME CHDO Loan, the HOME ARP Loan, and the PLHA Loan with 19% repayment to the HOME CHDO Loan, 59% repayment to the HOME ARP Loan, and 22% repayment to the PLHA Loan.

11. Prohibitions on Transfer.
a. Prior to the repayment in full of the HOME ARP Loan and expiration of the term of the HOME ARP Regulatory Agreement, the Borrower must not , except for Permitted Transfers or as permitted by the Affordable Housing Agreement, assign or attempt to assign the Affordable Housing Agreement or this Note or any right therein or herein, nor make any total or partial sale, transfer, conveyance or assignment of the whole or any part of the Property or Project (referred to hereinafter as a “Transfer”), without prior written approval of the Authority, except as expressly permitted by the Affordable Housing Agreement or this Note. Consent to one such transaction will not be deemed to be a waiver of the right to require consent to future or successive transactions. Authority shall not unreasonably withhold or delay its consent. If consent should be given, any such transfer shall be subject to this Section 11, and any such transferee shall assume all obligations hereunder and agree to be bound by all provisions contained herein. b. P
roposed transferees must have the qualifications and financial responsibility necessary and adequate as may be reasonably determined by the Authority, to fulfill Borrower’s obligations undertaken in the Affordable Housing Agreement, the HOME CHDO 156 of 230

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Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement , this Note, the HOME CHDO Note, the PLHA Note, and the Environmental Indemnity. A proposed transferee, by instrument in writing satisfactory to the Authority and in form recordable among the land records, for itself and its successors and assigns, and for the benefit of the Authority must expressly assume all of Borrower’s obligations under the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regu latory Agreement, the Regulatory Agreement, this Note, the HOME CHDO Note, the PLHA Note, and the Environmental Indemnity and agree to be subject to all conditions and restrictions applicable to Borrower. There must be submitted to the Authority for review all instruments and other legal documents proposed to affect any such transfer; and if approved by the Authority its approval will be indicated to Borrower in writing. If consent should be given, such transfer will be subject to this Section 11. c. In the absence of specific written agreement by the Authority, no unauthorized Transfer, or approval thereof by the Authority, will be deemed to relieve the Borrower or any other party from any obligations under the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, this Note, the HOME CHDO Note, the PLHA Note, or the Environmental Indemnity. d. In the event of a Transfer prior to the time the HOME ARP Loan is paid in full and expiration of the term of the HOME ARP Regulatory Agreement without the prior written consent of the Authority, the remaining principal balance of the HOME ARP Loan and all accrued but unpaid interest will be immediately due and payable. e. As used herein, “Transfer” means
i. the sale, agreement to sell, transfer or conveyance of the Property, the Project, or any portion thereof or interest therein (including, without limitation, a beneficial interest), whether voluntary, involuntary, by operation of law or otherwise, the execution of any installment sale contract or similar instrument affecting all or a portion of the Property or Project, or the lease of all or substantially all of the Property or Project. ii. “Transfer” also includes the transfer, assignment, hypothecation or conveyance of legal or beneficial ownership of an interest in Borrower, or a conversion of Borrower to an entity form other than that of Borrower at the time of execution of the Affordable Housing Agreement.

12. The HOME ARP Loan is funded from the Authority’s HOME ARP Program Funds.

Accordingly, Borrower agrees for itself, its successors and assigns that the use of the property will be subject to the restrictions on rent and occupancy set forth in the HOME ARP Regulatory Agreement.

13. Subject to the provisions and limitations of this Section 13, the obligation to repay the HOME ARP Loan is a nonrecourse obligation of the Borrower. Borrower will not have any personal liability for repayment of the loan, except as provided in this Section 13. The sole recourse 157 of 230

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of Authority will be the exercise of its rights against the Property and other security for the HOME ARP Loan. Provided, however, that the foregoing will not (a) constitute a waiver of an obligation evidenced by this Note or the Authority Deed of Trust; (b) limit the right of the Authority to name Borrower as a party defendant in any action or suit for judicial foreclosure and sale under this Note and the Authority Deed of Trust or any action or proceeding hereunder so long as no judgment in the nature of a deficiency judgm ent will be asked for or taken against Borrower; (c) release or impair this Note or the Authority Deed of Trust; (d) prevent or in any way hinder the Authority from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, any other remedy again st the mortgaged Property or other instrument securing the Note or as prescribed by law or in equity in case of default; (e) prevent or in any way hinder the Authority from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, its remedies in respect of deposits, insurance proceeds, condemnation awards or other monies or other collateral or letters of credit securing this Note; (f) relieve Borrower of its obligations under an indemnity delivered by Borrower to Authority; or (g) affec t in any way the validity of a guarantee or indemnity from any person of all or any of the obligations evidenced and secured by this Note and the Authority Deed of Trust. The foregoing provisions of this paragraph are limited by the provision that in the event of the occurrence of a default, Borrower and its successors and assigns will have personal liability hereunder for any deficiency judgment, but only if and to the extent Borrower, its principals, shareholders, partners or its successors and assigns received rentals, other revenues, or other payments or proceeds in respect of the mortgaged Property after the occurrence of such default, which rentals, other revenues, or other payments or proceeds have not been used for the payment of ordinary and reasonable operating expenses of the mortgaged Property, ordinary and reasonable capital improvements to the mortgaged Property, debt service, real estate taxes in respect of the mortgaged Property and basic management fees, but not incentive fees, payable to an entity or person unaffiliated with Borrower in connection with the operation of the mortgaged Property, which are then due and payable. Notwithstanding the first sentence of this paragraph, Authority may recover directly from Borrower or from any other party:
a. damages, costs and expenses incurred by the Authority as a result of fraud or criminal act or acts of Borrower or a partner, shareholder, officer, director or employee of Borrower, or of a member or general or limite d partner of Borrower, or of a general or limited partner of such member or general or limited partner;
b. damages, costs and expenses incurred by Authority as a result of misappropriation of funds provided for the payment of Development Costs, as described in the Affordable Housing Agreement, rents and revenues from the operation of the Project, or proceeds of insurance policies or condemnation proceeds;
c. all amounts owing by Borrower pursuant to the indemnification regarding Hazardous Substances under the Environmental Indemnity, and d. all court costs and attorneys ’ fees reasonably incurred in enforcing or collecting upon any of the foregoing exceptions (provided that Authority will pay Borrower’s 158 of 230

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reasonable court costs and attorneys’ fees if Borrower is the prevailing party in such enforcement or collection action).

15. Upon the failure of Borrower to perform or observe a term or provision of this Note, or upon the occurrence of an event of default under the terms of the Authority Deed of Trust, the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, or other obligations secured by a deed of trust on the Property, and after expiration of the applicable cure period, the holder may exercise its rights or remedies hereunder or thereunder.

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default is not cured within ten (10) calendar days after the notice of default is received or deemed received.
e. If a non-monetary event of default occurs under the terms of the Affordable Housing Agreement, this Note, the Authority Deed of Trust , the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, or a document implementing the Affordable Housing Agreement or other obligations secured by a deed of trust on the Property, prior to exercising its remedies hereunder or thereunder, the Authority will give Borrower written notice of such default. If the default is reasonably capable of being cured within thirty (30) calendar days after such notice is received or deemed received, Borrower will have such period to effect a cure prior to exercise of remedies by the Authority under the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, this Note and/or the Authority Deed of Trust. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and Borrower (i) initiates corrective action within said period, and (ii) diligently and in good faith works to effect a cure as soon as possible, then Borrower will have such additional time as is reasonably necessary to cure the default prior to the Authority’s exerci se of remedies. In no event will Authority be precluded from exercising remedies if its security becomes or is about to become materially je opardized by a failure to cure a default or the default is not cured within one hundred eighty (180) days after the notice of default is received or deemed received or such additional time as is reasonably approved by the Authority Executive Director or designee.
f. A notice of default that is transmitted by electronic facsimile transmission followed by delivery of a “hard” copy, will be deemed delivered upon its transmission; a notice of default that is personally delivered (including by means of professional messenger service, courier service such as United Parcel Service or Federal Express, or by U.S. Postal Service), will be deemed received on the documented date of receipt by Borrower; and a notice of default that is sent by registered or certified mail, postage prepaid, return receipt required will be deemed received on the date of receipt thereof. Notices will be sent to the following addresses:

To Authority:

HOUS

ING AUTHORITY OF

THE CITY OF GLENDALE
141 N. Glendale Avenue, Room 202,
Glendale, California 91206
Attention: Executive Director
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With a copy to: CITY OF GLENDALE
City Attorney’s Office
613 E. Broadway
Suite 220
Glendale, California 91206
Attention: City Attorney

To Borrower:

Verdugo Housing Corporation
221 E. Walnut St.

Suite 112
Pasadena, CA 91101
Attn: Executive Director

17. Notwithstanding specific provisions of this Note, Borrower will not be deemed to be in default for failure to perform a non-monetary obligation hereunder where delays or defaults are due to war, insurrection, strikes, lock- outs, riots, floods, earthquakes, fires, casualties, acts of God, acts of the public enemy, epidemics, quarantine restrictions, freight embargoes, lack of transportation, governmental restrictions or priority, litigation, unusually severe weather, inability to secure necessary labor, material or tools, delays of any contractor, sub- contractor or supplier, acts of the Authority or any other public or governmental Authority or entity, or any causes beyond the control or without the fault of the Borrower. An extension of time for any such cause (a “Force Majeure Delay”) will be for the period of the enforced delay and will commence to run from the time of the commencement of the cause, if notice by Borrower is sent to the Authority within fifteen (15) days of knowledge of the commencement of the cause. Notwithstanding the foregoing, none of the foregoing events will constitute a Force Majeure Delay unless and until Borrower delivers to the Authority written notice describing the event, its cause, when and how Borrower obtained knowledge, the date and the event commenced, and the estimated delay resulting therefrom. Borrower will deliver such written notice within fifteen (15) days after it obtains actual knowledge of the event. Times of performance under this Note may also be extended in writing by the Authority and Borrower, such revision approval may be denied by either party in its sole discretion.

19. With regard to an approval, consent , or other determination by the Authority required under this Note, the Authority will act reasonably and in good faith.

20. Borrower will have the right to prepay the obligation evidenced by this Note, or any part thereof, without penalty. However, prepayment of the obligation evidenced by this Note 161 of 230

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prior to the expiration of the term of the HOME ARP Regulatory Agreement will not entitle Borrower to a reconveyance of the Authority Deed of Trust.

Bravo Home
HOME ARP Note
S-1
I
N WITNESS WHEREOF Borrower has executed this Note as of the day and year first set forth above.

ORROWER
V
erdugo Housing Corporation, a California nonprofit
public benefit corporation
B
y: ____________________________
Name: ______________________
Title: ______________________
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B
ravo Home
Affordable Housing Agreement
ATTACHMENT NO. 10
P

LHA NOTE
[behind this page]
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PROMISSORY NOTE

TO THE HOUSING AUTHORITY

OF THE CITY OF GLENDALE
(PLHA PROGRAM FUNDS)
(BRAVO HOME)
3 % Interest Glendale, California
$781,000 ______________, 2026
F
OR VALUE RECEIVED, VERDUGO HOUSING CORPORATION, a California nonprofit public benefit corporation (“ Borrower”), hereby promises to pay to the HOUSING AUTHORITY OF THE CITY OF GLENDALE (“ Authority”), a public body, corporate and politic, or order, a principal amount of Seven Hundred Eighty-One Thousand Dollars ($781,000), being the principal amount of the Authority’s loan of PLHA Program Funds (the “PLHA Loan”).

This Note is given pursuant to that certain Affordable Housing Agreement dated as of ________________, 2026 between Borrower and the Authority, as it may be amended from time to time (the “Affordable Housing Agreement ”) and evidences the PLHA Loan to Borrower, which provides part of the financing for the rehabilitation and development of that certain real property legally described in the Deed of Trust securing this Note (the “Property”). The obligation of Borrower to Authority hereunder is subject to the terms of the Affordable Housing Agreement, this Note and the following instruments, each dated on or about the date hereof, and, where applicable, executed and delivered by Borrower for the purpose of securing this Note: a Regulatory Agreement and Declaration of Restrictive Covenants , as it may be amended from time to time (“Regulatory Agreement”) and a Deed of Trust, Security Agreement and Fixture Filing ( with Assignment of Rents) , as it may be amended from time to time (“Authority Deed of Trust ”).

Said documents are public records on file in the offices of Authority, and the provisions of said documents are incorporated herein by this reference. The Borrower will pay interest at the rate, in the amount and at the time hereinafter provided.

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“A
uthority’s Share of Residual Receipts ” will have the meaning set forth in Section 8, below.
“H
OME ARP Loan” means the loan made by the Authority to Borrower in the maximum amount of $2,100,000, which is evidenced by the HOME ARP Note and secured by the Authority Deed of Trust.
“H
OME ARP Note” means the Promissory Note dated as of the date hereof evidencing the HOME ARP Loan.
“HOM
E CHDO Loan” means the loan from the Authority to Borrower pursuant to the Affordable Housing Agreement as amended from time to time, in the amount of $683,361, which is evidenced by this Note and secured by the Authority Deed of Trust. “
HOME CHDO Note” means the Promissory Note dated as of the date hereof evidencing the HOME CHDO Loan.
“N
et Proceeds” means the proceeds of a sale, transfer or refinancing, less the customary and reasonable costs of the transaction which costs are subject to the prior written approval of the Authority Executive Director or designee.
“O
perating Expenses” means actual, reasonable and customary costs, fees and expenses directly attributable to the operation, maintenance and management of the Property that are consistent with an annual independent audit performed by a certified public accountant using generally accepted accounting principles, expressly including, without limitation, payment of the following:
a. P
roperty and other taxes and assessments imposed on the Project; b. General administrative expenses including but not limited to advertising and marketing, security services and systems and similar customary administrative expenses;
c. Maintenance and repair including but not limited to pest control, landscaping and grounds maintenance, painting and decorating, cleaning, common systems repairs, general repairs, janitorial, supplies, and similar customary services; d. Funds deposited into a replacement reserve fund in the amount of $250 per unit per year to be increased at an annual rate of three percent (3%); e. Funds deposited into an operating reserve fund in the amount of $250 per unit per year to be increased at an annual rate of three percent (3%); f. Utility services not paid for directly or reimbursed by tenants, including but not limited to water, sewer, trash collection, gas and electricity; 166 of 230

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Operating Expenses will not include the following: depreciation, amortization, depletion or other non-cash expenses, or any amount expended from a reserve account. Operating Expenses will be subject to the reasonable approval of the Authority. “P
LHA Loan” means the loan made by the Authority to Borrower in the maximum amount of $781,000, which is evidenced by the PLHA Note and secured by the Authority Deed of Trust. “PL
HA Note” means this Note dated as of the date hereof evidencing the PLHA Loan. “R
esidual Receipts” means the Revenue minus the Operating Expenses, calculat ed on a 12-month basis. All calculations of Residual Receipts will be subject to verification and reasonable approval by the Authority.
“R
evenue” means the gross rental income from the Improvements, and any other income to the Borrower derived from the ownership, operation and management of the Property, including but not limited to the following: all rents, fees and charges paid by tenants, Section 8 payments or other rental subsidy payments received for the dwelling units, deposits forfeited by tenants, all cancellation fees, price index adjustments and any other rental adjustments to leases or re ntal agreements; proceeds from vending and laundry room machines; the proceeds of business interruption or similar insurance; the proceeds of casualty insurance to the extent not utilized to repair or rebuild the Project; and condemnation awards for a taking of part or all of the Project for a temporary period. “Revenue” will also include the fair market value of any goods or services provided in consideration for the leasing or other use of any portion of the Project. “Revenue” will not include tenants’ security deposits, the Authority Loan s, Developer Equity, including capital contributions or similar advances, or interest that is earned on and allocated to reserve accounts. “T
erm” of this Note means a term that expires on the thirtieth (30th) anniversary of the date of this Note.
“T
ransfer” will have the meaning set forth in Section 11.e of this Note.

2. T
his Note evidences the obligation of the Borrower to the Authority for the repayment of the PLHA Loan. None of the funds provided pursuant to the PLHA Loan were 167 of 230

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funded directly or indirectly with any obligation the interest on which is exempt from tax under Section 103 of the Internal Revenue Code of 1986, as amended, or pursuant to any United States government federal source.

4. This Note is secured by the Authority Deed of Trust.

5. This Note will bear 3% simple interest. Interest will begin to accrue on the date of each disbursement of the PLHA Loan.

8. Prior to the expiration of the Term hereof, Borrower will be obligated to repay the PLHA Loan from the Authority’s Share of Residual Receipts, as follows:
a. Annually, not later than the thirtieth (30
th) day of April, beginning with the
April 30, 2027, Borrower will submit to Authority an audited Annual Financial Statement for the preceding calendar year, prepared by a certified public accountant reasonably acceptable to the Authority, determining the amount of Residual Receipts, if any, generated in that year, together with payment of the Authority’s Share of such Residual Receipts. The first such Annual Financial Statement will be for the year beginning on the later of (i) the date of this Note or (ii) January 1, 2026 and ending on December 31, 2026 (which may be a partial year depending on the date of this Note). The Authority will review and approve such Annual Financial Statement, or request reasonable revisions, within 30 days after receipt. If as the result of the Authority’s review of the statement, there is an increase in the amount of any payment due and payable to Authority (as the result, for example, of a determination that the actual amount of Residual Receipts to which the 168 of 230

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Authority is entitled exceeds the amount of Authority ’s Share of Residual Receipts shown in the Annual Financial Statement submitted by Borrower), Borrower will promptly pay to the Authority the difference, with interest, from the date on which such payment was due, at the rate of one percent (1%) over the Prime Rate announced by Bank of America, but in any event within ten (10) days of notice of such increase.
b. The Authority’s Share of Residual Receipts to be applied to this Note , the HOME ARP Note, and the HOME CHDO Note will be fifty percent (50%). The Authority’s Share of Residual Receipts will be applied to the HOME CHDO Note, the HOME ARP Note , and the PLHA Note as follows: 19% will be applied to the HOME CHDO Note, 59% will be applied to the HOME ARP Note, and 22% will be applied to the PLHA Note. The HOME CHDO Note shall have priority over the HOME ARP Note and the PLHA Note and the HOME ARP Note shall have priority over the PLHA Note.

9. All payments applie d to this Note will be applied first to penalties and late fees, then to interest, then to reduce the principal amount owed.

10. To induce Authority to make the PLHA Loan evidenced hereby, Borrower covenants and agrees that if at any time Borrower obtains any Net Proceeds, Borrower will apply the Net Proceeds first to pay previously incurred and unpaid Operating Expenses (as defined above) still owing, then, one hundred percent (100%) of the balance will be paid to the Authority to pay accrued interest on, and then reduce the principal amount of , the HOME CHDO Loan, the HOME ARP Loan, and the PLHA Loan with 19% repayment to the HOME CHDO Loan, 59% repayment to the HOME ARP Loan, and 22% repayment to the PLHA Loan.

11. Prohibitions on Transfer.
a. Prior to the repayment in full of the PLHA Loan and expiration of the term of the Regulatory Agreement , the Borrower must not , except for Permitted Transfers or as permitted by the Affordable Housing Agreement, assign or attempt to assign the Affordable Housing Agreement or this Note or any right therein or herein, nor make any total or partial sale, transfer, conveyance or assignment of the whole or any part of the Property or Project (referred to hereinafter as a “Transfer”), without prior written approval of the Authority, except as expressly permitted by the Affordable Housing Agreement or this Note. Consent to one such transaction will not be deemed to be a waiver of the right to require consent to future or successive t ransactions.

Authority shall not unreasonably withhold or delay its consent. If consent should be given, any such transfer shall be subject to this Section 11, and any such transferee shall assume all obligations hereunder and agree to be bound by all provisions contained herein. b. P
roposed transferees must have the qualifications and financial responsibility necessary and adequate as may be reasonably determined by the Authority, to fulfill Borrower’s obligations undertaken in the Affordable Housing Agreement , the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement , this Note, the HOME ARP Note, the HOME CHDO Note, and the Environmental Indemnity. A 169 of 230

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proposed transferee, by instrument in writing satisfactory to the Authority and in form recordable among the land records, for itself and its successors and assigns, and for the benefit of the Authority must expressly assume all of Borrower’s obligations under the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement , this Note , the HOME ARP Note, the HOME CHDO Note, and the Environmental Indemnity and agree to be subject to all conditions and restrictions applicable to Borrower. There must be submitted to the Authority for review all instruments and other legal documents proposed to affect any such transfer; and if approved by the Authority its approval will be indicated to Borrower in writing. If consent should be given, such transfer will be subject to this Section 11.
c. In the absence of specific written agreement by the Authority, no unauthorized Transfer, or approval thereof by the Authority, will be deemed to relieve the Borrower or any other party from any obligations under the Affordable Housing Agreement, the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, the Regulatory Agreement, this Note , the HOME ARP Note, the HOME CHDO Note, or the Environmental Indemnity.
d. In the event of a Transfer prior to the time the PLHA Loan is paid in full and expiration of the t erm of the Regulatory Agreement without the prior written consent of the Authority, the remaining principal balance of the PLHA Loan and all accrued but unpaid interest will be immediately due and payable.
e. As used herein, “Transfer” means
i. the sale, agreement to sell, transfer or conveyance of the Property, the Project, or any portion thereof or interest therein (including, without limitation, a beneficial interest), whether voluntary, involuntary, by operation of law or otherwise, the execution of any installment sale contract or similar instrument affecting all or a portion of the Property or Project, or the lease of all or substantially all of the Property or Project. ii. “Transfer” also includes the transfer, assignment, hypothecation or conveyance of legal or beneficial ownership of an interest in Borrower, or a conversion of Borrower to an entity form other than that of Borrower at the time of execution of the Affordable Housing Agreement.

12. The PLHA Loan is funded from the Authority’s PLHA Program Funds.

Accordingly, Borrower agrees for itself, its successors and assigns that the use of the property will be subject to the restrictions on rent and occupancy set forth in the Regulatory Agreement.

13. Subject to the provisions and limitations of this Section 13, the obligation to repay the PLHA Loan is a nonrecourse obligation of the Borrower. Borrower will not have any personal liability for repayment of the loan, except as provided in this Section 13. The sole recourse of Authority will be the exercise of its rig hts against the Property and other security for the PLHA 170 of 230

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Loan. Provided, however, that the foregoing will not (a) constitute a waiver of an obligation evidenced by this Note or the Authority Deed of Trust; (b) limit the right of the Authority to name Borrower as a party defendant in any action or suit for judicial foreclosure and sale under this Note and the Authority Deed of Trust or any action or proceeding hereunder so long as no judgment in the nature of a deficiency judgment will be asked for or taken against Borrower; (c) release or impair this Note or the Authority Deed of Trust; (d) prevent or in any way hinder the Authority from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, any other remedy again st the mortgaged Property or other instrument securing the Note or as prescribed by law or in equity in case of default; (e) prevent or in any way hinder the Authority from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, its remedies in respect of deposits, insurance proceeds, condemnation awards or other monies or other collateral or letters of credit securing this Note; (f) relieve Borrower of its obligations under an indemnity delivered by Borrower to Authority; or (g) affec t in any way the validity of a guarantee or indemnity from any person of all or any of the obligations evidenced and secured by this Note and the Authority Deed of Trust. The foregoing provisions of this paragraph are limited by the provision that in the event of the occurrence of a default, Borrower and its successors and assigns will have personal liability hereunder for any deficiency judgment, but only if and to the extent Borrower, its principals, shareholders, partners or its successors and assigns received rentals, other revenues, or other payments or proceeds in respect of the mortgaged Property after the occurrence of such default, which rentals, other revenues, or other payments or proceeds have not been used for the payment of ordinary and reasonable operating expenses of the mortgaged Property, ordinary and reasonable capital improvements to the mortgaged Property, debt service, real estate taxes in respect of the mortgaged Property and basic management fees, but not incentive fees, payable to an entity or person unaffiliated with Borrower in connection with the operation of the mortgaged Property, which are then due and payable. Notwithstanding the first sentence of this paragraph, Authority may recover directly from Borrower or from any other party:
a. damages, costs and expenses incurred by the Authority as a result of fraud or criminal act or acts of Borrower or a partner, shareholder, officer, director or employee of Borrower, or of a member or general or limite d partner of Borrower, or of a general or limited partner of such member or general or limited partner;
b. damages, costs and expenses incurred by Authority as a result of misappropriation of funds provided for the payment of Development Costs, as described in the Affordable Housing Agreement, rents and revenues from the operation of the Project, or proceeds of insurance policies or condemnation proceeds;
c. all amounts owing by Borrower pursuant to the indemnification regarding Hazardous Substances under the Environmental Indemnity, and d. all court costs and attorneys ’ fees reasonably incurred in enforcing or collecting upon any of the foregoing exceptions (provided that Authority will pay Borrower’s 171 of 230

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reasonable court costs and attorneys’ fees if Borrower is the prevailing party in such enforcement or collection action).

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To Authority:

HOUS

ING AUTHORITY OF

THE CITY OF GLENDALE
141 N. Glendale Avenue, Room 202,
Glendale, California 91206
Attention: Executive Director
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With a copy to: CITY OF GLENDALE
City Attorney’s Office
613 E. Broadway
Suite 220
Glendale, California 91206
Attention: City Attorney
T
o Borrower:

V
erdugo Housing Corporation
221 E. Walnut St.

Suite 112
Pasadena, CA 91101
Attn: Executive Director

19. With regard to an approval, consent , or other determination by the Authority required under this Note, the Authority will act reasonably and in good faith.

20. Borrower will have the right to prepay the obligation evidenced by this Note, or any part thereof, without penalty. However, prepayment of the obligation evidenced by this Note 174 of 230

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prior to the expiration of the term of the Regulatory Agreement will not entitle Borrower to a reconveyance of the Authority Deed of Trust.

Bravo Home
PLHA Note
S-1
I
N WITNESS WHEREOF Borrower has executed this Note as of the day and year first set forth above.

ORROWER
V
erdugo Housing Corporation, a California nonprofit
public benefit corporation
B
y: ____________________________
Name: ______________________
Title: ______________________
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B
ravo Home
Affordable Housing Agreement
ATTACHMENT NO. 11
AUT

HORITY DEED OF TRUST
[behind this page]
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Recording Requested by and
When Recorded Mail to:

HOUS

ING AUTHORITY OF

THE CITY OF GLENDALE
141 North Glendale Avenue, Suite 202
Glendale, California 91206
Attention: Director of Housing
and Community Development
SPACE ABOVE THIS LINE FOR RECORDER’S USE
APN: [REDACTED]
D
ocument entitled to free
recording per Government
Code Section 27383
DE

ED OF TRUST,

SECURITY AGREEMENT AND FIXTURE FILING
(WITH ASSIGNMENT OF RENTS)
(BRAVO HOME)
T
his Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents) is made as of __________________, 2026 by VERDUGO HOUSING CORPORATION, a California nonprofit public benefit corporation (“Trustor”) (whose address is 221 E. Walnut St., Suite 112, Pasadena, CA 91101), to _________________, a California corporation (“Trustee”), for the benefit of THE HOUSING AUTHORITY OF THE CITY OF GLENDALE, a public body corporate and politic (“ Beneficiary”), whose address is 141 North Glendale Avenue, Suite 202, Glendale, California 91206.

Witnesseth: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to Trustee, its successors and assigns, in Trust, with POWER OF SALE TOGETHER WITH RIGHT OF ENTRY AND POSSESSION the following property (the “Trust Estate”):
(a) That certain real property in the City of Glendale, County of Los Angeles, State of California more particularly described in Exhibit “A” attached hereto and by this reference made a part hereof (the “Subject Property”);
(b) All buildings, structures and other improvements now or in the future located or to be constructed on the Subject Property (the “Improvements”); 178 of 230

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( c) all tenements, hereditaments, appurtenances, privileges, franchises and other rights and interests now or in the future benefitting or otherwise relating to the Subject Property or the Improvements, including easements, rights -of-way and development rights (the “Appurtenances”). (The Appurtenances, together with the Subject Property and the Improvements, are hereafter referred to as the “Real Property”); (d) subject to the assignment to Beneficiary set forth in Paragraph 4 below, all rents, issues, income, revenues, royalties and profits now or in the future payable with respect to or otherwise derived from the Trust Estate or the ownership, use, management, operation leasing or occupancy of the Trust Estate, including those past due and unpaid (the “Rents”); (e) all present and future right, title and interest of Trustor in and to all inventory, equipment, fixtures and other goods (as those terms are defined in Division 9 of the California Uniform Commercial Code (the “UCC”), and whether existing now or in the future) now or in the future located at, upon or about, or affixed or attached to or installed in, the Real Property, or used or to be used in connection with or otherwise relating to the Real Property or the ownership, use, development, construction, maintenance, management, operation, marketing, leasing or occupancy of the Real Property, including furniture, furnishings, machinery, appliances, building materials and supplies, generators, boilers, furnaces, water tanks, heating ventilating and air conditioning equipment and all other types of tangible personal property of any kind or nature, and all accessories, additions, attachments, parts, proceeds, products, repairs, replacements and substitutions of or to any of such property, but not including personal property that is donated to Trustor (the “Goods,” and together with the Real Property, the “Property”); and (f) all present and future right, title and interest of Trustor in and to all accounts, general intangibles, chattel paper, deposit accounts, money, instruments and documents (as those terms are defined in the UCC) and all other agreements, obligations, right s and written material (in each case whether existing now or in the future) now or in the future relating to or otherwise arising in connection with or derived from the Property or any other part of the Trust Estate or the ownership, use, development, construction, maintenance, management, operation, marketing, leasing, occupancy, sale or financing of the property or any other part of the Trust Estate, including (to the extent applicable to the Property or any other portion of the Trust Estate) (i) perm its, approvals and other governmental authorizations, (ii) improvement plans and specifications and architectural drawings, (iii) agreements with contractors, subcontractors, suppliers, project managers, supervisors, designers, architects, engineers, sales agents, leasing agents, consultants and property managers, (iv) takeout, refinancing and permanent loan commitments, (v) warranties, guaranties, indemnities and insurance policies, together with insurance payments and unearned insurance premiums, (vi) claims, demands, awards, settlements, and other payments arising or resulting from or otherwise relating to any insurance or any loss or destruction of, injury or damage to, trespass on or taking, condemnation (or conveyance in lieu of condemnation) or public use of any of the Property, (vii) license agreements, service and maintenance agreements, purchase and sale agreements and purchase options, together with advance payments, security deposits and other amounts paid to or deposited with Trustor under any such agreements, (viii) reserves, deposits, bonds, deferred payments, refunds, rebates, discounts, cost savings, escrow proceeds, sale 179 of 230

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proceeds and other rights to the payment of money, trade names, trademarks, goodwill and all other types on intangible personal property of any kind or nature, and (ix) all supplements, modifications, amendments, renewals, extensions, proceeds, replacements and substitutions of or to any of such property (the “Intangibles”).

Trustor further grants to Trustee and Beneficiary, pursuant to the UCC, a security interest in all present and future right, title and interest of Trustor in and to all Goods and Intangibles and all of the Trust Estates described above in which a security interest may be created under the UCC (collectively, the “ Personal Property ”). This Deed of Trust constitutes a security agreement under the UCC, conveying a security interest in the Personal Property to Trustee and Beneficiary.

Trustee and Beneficiary will have, in addition to all rights and remedies provided herein, all the rights and remedies of a “secured party” under the UCC and other applicable California law.

Trustor covenants and agrees that this Deed of Trust constitutes a fixture filing under Section 9313 and 9402(6) of the UCC.

FOR THE PURPOSE OF SECURING , in such order of priority as Beneficiary may elect, the following:
(1) due, prompt and complete observance, performance and discharge of each and every condition, obligation, covenant and agreement contained herein or contained in the following:
(
a) a promissory note in the original principal amount of $683,361, executed by Trustor (“Borrower” therein) of even date herewith , as it may be amended or modified from time to time (the “HOME CHDO Note”);
(b) a promissory note in the original principal amount of $2,100,000, executed by Trustor (“Borrower” therein) of even date herewith , as it may be amended or modified from time to time (the “HOME ARP Note”);
(c) a promissory note in the original principal amount of $781,000, executed by Trustor (“Borrower” therein) of even date herewith , as it may be amended or modified from time to time (the “PLHA Note”) (the HOME CHDO Note, the HOME ARP Note, and the PLHA Note may collectively be referred to herein as the “Notes”);
(d) the Affordable Housing Agreement dated as of ________, 2026 between Trustor (“Developer” therein) and Beneficiary (“Authority” therein), as it may be amended, implemented, or modified from time to time (the “Affordable Housing Agreement”); and
(e) the Agreement Containing HOME Program Requirements between Trustor (“Developer” therein) and Beneficiary (“Authority” therein), recorded concurrently 180 of 230

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herewith, as it may be amended, implemented, or modified from time to time (“HOME CHDO Regulatory Agreement”); and
(f) the Agreement Containing HOME ARP Program Requirements between Trustor (“Developer” therein) and Beneficiary (“Authority” therein), recorded concurrently herewith, as it may be amended, implemented, or modified from time to time (“HOME ARP Regulatory Agreement”); and
(g) the Regulatory Agreement and Declaration of Restrictive Covenants between Trustor (“Owner” therein) and Beneficiary (“Authority” therein), recorded concurrently herewith, as it may be amended, implemented, or modified from time to time (“Regulatory Agreement”) (the HOME CHDO Regulatory Agreement , the HOME ARP Regulatory Agreement, and the Regulatory Agreement may collectively be referred to herein as the “Regulatory Agreements”); and (2) payment of indebtedness of the Trustor to the Beneficiary in the principal sum of $683,361 or so much thereof as will be advanced, evidenced by the HOME CHDO Note secured hereby, with interest, according to the terms of the HOME CHDO Note secured hereby; and
(3) payment of indebtedness of the Trustor to the Beneficiary in the principal sum of $2,100,000 or so much thereof as will be advanced, evidenced by the HOME ARP Note secured hereby, with interest, according to the terms of the HOME ARP Note secured hereby; and
(4) payment of indebtedness of the Trustor to the Beneficiary in the principal sum of $781,000 or so much thereof as will be advanced, evidenced by the PLHA Note secured hereby, with interest, according to the terms of the PLHA Note secured hereby.

The Affordable Housing Agreement, including all Attachments thereto, and the documents and instruments executed by Trustor in connection with the Project, including the Regulatory Agreements and the Notes, all as described in the Affordable Housing Agreement (collectively referred to as the “Secured Obligations ”) and all of their terms are incorporated herein by reference and this conveyance will secure any and all extensions, amendments, modifications or renewals thereof however evidenced, and additional advances evidenced by any note reciting that it is secured hereby. Each capitalized term that is not otherwise defined in this Deed of Trust has the meaning ascribed to it in the Affordable Housing Agreement.

AND TO PROTECT THE SECURITY OF THIS DEED OF TRUST, TRUSTOR COVENANTS AND AGREES:

1. That Trustor will pay the Note s secured hereby at the time and in the manner provided therein, and perform the obligations of the Developer as set forth in the Secured Obligations at the time and in the manner respectively provided therein; 181 of 230

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2. T hat Trustor will not permit or suffer the use of any of the property for any purpose other than the uses permitted by the Affordable Housing Agreement and the Regulatory Agreements;

3. That the Secured Obligations are incorporated in and made a part of this Deed of Trust. Upon default of a Secured Obligation, and after the giving of notice and the expiration of any applicable cure period, the Beneficiary, at its option, may declare the whole of the indebtedness secured hereby to be due and payable.

4. That all rents, profits and income from the property covered by this Deed of Trust are hereby assigned to the Beneficiary for the purpose of discharging the debt hereby secured.

Permission is hereby given to Trustor so long as no default exists hereunder after the giving of notice and the expiration of any applicable cure period, to collect such rents, profits and income for use in accordance with the provisions of the Affordable Housing Agreement.

5. That upon default hereunder or under the aforementioned agreements, and after the giving of notice and the expiration of any applicable cure period, Beneficiary will be entitled to the appointment of a receiver by any court having jurisdiction, without notice, to take possession and protect the property described herein and operate same and collect the rents, profits and income therefrom;

6. That Trustor will keep the improvements to be constructed on the Property in accordance with the Affordable Housing Agreement insured against loss by fire and such other hazards, casualties, and contingencies as may reasonably be required in writing from time to time by the Beneficiary, and all such insurance will be evidenced by standard fire and extended coverage insurance policy or policies. In no event will the amounts of coverage be less than 100 percent of the insurable value of the Property. Such policies will be endorsed with standard mortgage clause with loss payable to the Beneficiary and certificates thereof together with copies of original policies will be deposited with the Beneficiary;

7. To pay, at least 10 days before delinquency, any taxes and assessments affecting said Property; to pay, when due, all encumbrances, charges and liens, with interest, on said Property or any part thereof which appear to be prior or superior hereto; and to pay all costs, fees, and expenses of this Trust. Notwithstanding anything to the contrary contained in this Deed of Trust, Trustor will not be required to pay and discharge any such tax, assessment, charge or levy so long as Trustor is contesting the legality thereof in good faith and by appropriate proceedings, and Trustor has adequate funds to pay any liabilities contested pursuant to this Section 7;

8. To keep said property in good condition and repair, subject to ordinary wear and tear, casualty and condemnation, not to remove or demolish any buildings thereon; to complete or restore promptly and in good and workmanlike manner any building which may be constructed, damaged, or destroyed thereon and to pay when due all claims for labor performed and materials furnished therefor; to comply with all laws affecting said property or requiring any alterations or improvements to be made thereon (subject to Trustor’s right to contest the validity or applicability 182 of 230

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of laws or regulations); not to commit or permit waste thereof; not to commit, suffer or permit any act upon said property in violation of law and/or covenants, conditions and/or restrictions affecting said property; not to permit or suffer any material alteration of or addition to the buildings or improvements hereafter constructed in or upon said property without the consent of the Beneficiary;

9. To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee, and to pay all costs and expenses, including cost of evidence of title and reasonable attorney’s fees in a reasonable sum, in any such action or proceeding in which Beneficiary or Trustee may appear;

10. Should Trustor fail, after the giving of notice and the expiration of any applicable cure period, to make any payment or do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice to or demand upon Trustor and without releasing Trustor from any obligation hereof, may make or do the same in such manner and to such extent as either may deem necessary to protect the security hereof. Following default, after the giving of notice and the expiration of any applicable cure period, Beneficiary or Trustee being authorized to enter upon said property for such purposes, may commence, appear in and/or defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; may pay, purchase, contest, or compromise any encumbrance, charge, or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, may pay necessary expenses, employ counsel, and pay his reasonable fees. Notwithstanding the foregoing, in the event of default under this Deed of Trust, the Beneficiary may also require Trustor to maintain and submit additional records. Beneficiary will specify in writing the particular records that must be maintained and the information or reports that must be submitted;

11. Beneficiary will have the right to pay fire and other property insurance premiums when due should Trustor fail to make any required premium payments. All such payments made by the Beneficiary will be added to the principal sum secured hereby;

12. To pay immediately and without demand all sums so expended by Beneficiary or Trustee, under permission given under this Deed of Trust, with interest from date of expenditure at the rate specified in the Notes secured hereby;

13. That the funds to be advanced hereunder are to be used in accordance with the Secured Obligations and upon the failure of Trustor, after the giving of notice and the expiration of any applicable cure period, to keep and perform all the covenants, conditions, and agreements of said agreements, the principal sum and all arrears of interest, and other charges provided for in the Notes secured hereby will at the option of the Beneficiary of this Deed of Trust become due and payable, anything contained herein to the contrary notwithstanding;

14. Trustor further covenants that it will not voluntarily create, suffer, or permit to be created against the property subject to this Deed of Trust any lien or liens except as permitted by the Secured Obligations or otherwise approved by Beneficiary, and further that it will keep and 183 of 230

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maintain the property free from the claims of all persons supplying labor or materials which will enter into the construction of any and all buildings now being erected or to be erected on said premises. Notwithstanding anything to the contrary contained in this Deed of Trust, Trustor will not be obligated to pay any claims for labor, materials or services which Trustor in good faith disputes and is diligently contesting, provided that Trustor will, at Beneficiary ’s written request, within thirty (30) days after the filing of any claim or lien (but in any event, and without any requirement that Beneficiary must first provide a written request, prior to foreclosure) record in the Office of the Recorder of Los Angeles County, a surety bond in an amount one -and-one-half (1½) times the amount of such claim item to protect against a claim of lien, or provide such other security reasonably satisfactory to Beneficiary;

15. That any and all improvements made or about to be made upon the premises covered by this Deed of Trust, and all plans and specifications, comply with all applicable municipal ordinances and regulations and all other applicable regulations made or promulgated, now or hereafter, by lawful authority, and that the same will upon completion comply with all such municipal ordinances and regulations and with the rules of the applicable fire rating or inspection organization, bureau, association or office; and

16. Trustor herein agrees to pay to Beneficiary or to the authorized loan servicing representative of the Beneficiary a reasonable charge for providing a statement regarding the obligation secured by this Deed of Trust as provided by Section 2954, Article 2, Chapter 2 Title 14, Division 3, of the California Civil Code.

IT IS MUTUALLY AGREED THAT:

17. Should the Property or any part thereof be taken or damaged by reason of any public improvement or condemnation proceeding, or damaged by fire, or earthquake, or in any other manner, Beneficiary will be entitled to all compensation, awards, and other payments or relief therefor which are not used to reconstruct, restore or otherwise improve the property or part thereof that was taken or damaged, and will be entitled at its option to commence, appear in and prosecute in its own name, any action or proceedings, or to make any compromise or settlement, in connection with such taking or damage; provided, that Beneficiary shall permit the use of such funds to reconstruct, restore or otherwise improve the property or part thereof that was taken or damaged as long as such reconstruction or restoration is feasible and can be completed prior to the expiration of the Term of the Authority Loans. All such compensation, awards, damages, rights of action and proceeds which are not used to reconstruct, restore or otherwise improve the property or part thereof that was taken or damaged, including the proceeds of any policies of fire and other insurance affecting said property, are hereby assigned to Beneficiary. After deducting therefrom all its expenses, including reasonable attorney ’s fees, the balance of the proceeds which are not used to reconstruct, restore or otherwise improve the property or part thereof that was taken or damaged, will be applied to the amount due under the Note s secured hereby. No amount applied to the reduction of the principal will relieve the Trustor from making regular payments as required by the Notes secured hereby;
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18. U pon default by Trustor in making any payments provided for in the Notes secured hereby or in this Deed of Trust, or in performing any obligation set forth in any of the Secured Obligations, and if such default is not cured within the respective time provided therefor in Section 34 of this Deed of Trust, below, Beneficiary may declare all sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale, and of written notice of default and of election to cause the Property to be sold, which notice Trustee will cause to be duly filed for record and Beneficiary may foreclose this Deed of Trust. Beneficiary will also deposit with Trustee this Deed of Trust , the Note s and all documents evidencing expenditures secured hereby;

19. a. Prior to the repayment in full of the HOME CHDO Loan, the HOME ARP Loan, and the PLHA Loan and expiration of the terms of the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, and the Regulatory Agreement the Trustor will not assign or attempt to assign the Affordable Housing Agreement or any right therein, nor make any total or partial sale, transfer, conveyance or assignment of the whole or any part of the Property, the Project thereon, or any portion thereof or interest therein (referred to hereinafter as a “Transfer”), without prior written approval of the Beneficiary, except for the Permitted Transfers described in Section 19.e.(3) below, or as otherwis e permitted in the Notes secured hereby .

Consent to one such transaction will not be deemed to be a waiver of the right to require consent to future or successive transactions. Beneficiary will not unreasonably withhold or delay its consent. If consent should be given, any such transfer will be subject to this Section 19, and any such transferee will assume all obligations hereunder and agree to be bound by all provisions contained herein, subject to the provisions of paragraph e.(3) of this Section 19, below. b. Any such proposed transferee will have the qualifications and financial responsibility necessary and adequate as may be reasonably determined by the Beneficiary, to fulfill the obligations undertaken by Trustor in the Affordable Housing Agreement, the Notes, the Regulatory Agreement s, and the Environmental Indemnity. Any such proposed transferee, by instrument in writing satisfactory to the Beneficiary and in form recordable among the land records of Los Angeles County, for itself and its successors and assigns, and for the benefit of the Beneficiary will expressly assume all of the obligations of the Trustor under the Affordable Housing Agreement, the Notes, the Regulatory Agreement s, and the Environmental Indemnity, and agree to be subject to all conditions and restrictions applicable to the Trustor in this Deed of Trust, subject to the provisions of paragraph e.(3) of this Section 19. There will be submitted to the Beneficiary for review all instruments and other legal documents proposed to effect any such transfer; and if approved by the Beneficiary its approval will be indicated to the Trustor in writing. c. In the absence of specific written agreement by the Beneficiary, no unauthorized Transfer, or approval thereof by the Beneficiary, will be deemed to relieve the Trustor or any other party from any obligations under the Affordable Housing Agreement, the Notes, the Regulatory Agreements, or the Environmental Indemnity. d. In the event of a Transfer without the prior written consent of the Beneficiary prior to the time the HOME CHDO Loan, the HOME ARP Loan, and the PLHA Loan 185 of 230

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are paid in full and expiration of the terms of the HOME CHDO Regulatory Agreement, the HOME ARP Regulatory Agreement, and the Regulatory Agreement, the net proceeds will be paid to the Beneficiary to the extent necessary to pay in full the accrued interest, if any, current interest and remaining principal balance of the HOME CHDO Loan, the HOME ARP Loan, and the PLHA Loan with 19% repayment to the HOME CHDO Loan, 59% repayment to the HOME ARP Loan, and 22% repayment to the PLHA Loan.
e. (1) As used herein, “Transfer” includes the sale, agreement to sell, transfer or conveyance of the Property, the Project, or any portion thereof or interest therein, whether voluntary, involuntary, by operation of law or otherwise, the execution of any installment land sale contract or similar instrument affecting all or a portion of the Property or Project, or the lease of all or substantially all of the Property or Project, except as provided in subparagraph e.(3) of this Section 19, below.
(2) “Transfer” will also include the transfer, assignment, hypothecation or conveyance of legal or beneficial ownership of any interest in Trustor, or any conversion of Trustor to an entity form other than that of Trustor at the time of execution of the Affordable Housing Agreement.
(3) “Transfer” will not include any of the following Permitted Transfers , provided Trustor retains day-to-day control over management of the Property and Improvements:
(a) The leasing for occupancy of all or any part of the Improvements on the Property, in accordance with the Affordable Housing Agreement and the Regulatory Agreements;
(b) The granting of easements or permits to facilitate the development of the Property in accordance with the Affordable Housing Agreement; or (c) Any transfer approved in writing by Beneficiary’s Executive Director or designee, at his or her sole discretion.
f. The Beneficiary will not unreasonably withhold, condition or delay its approval of any matter for which its approval is required hereunder.

Any disapproval will be in writing and contain the Beneficiary’s reasons for disapproval;

20. After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given as then required by law, Trustee, without demand on Trustor, will sell said property at the time and place fixed by it in said notice of sale, either as a whole or in separate parcels, and in such order as it may determine at public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may postpone sale of all or any portion of said property by public announcement at the time and place of sale, and from time to time thereafter may postpone the sale by public announcement at the time and place of sale, and from time to time thereafter may postpone the 186 of 230

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sale by public announcement at the time fixed by the preceding postponement. Trustee will deliver to the purchaser its Deed conveying the property so sold, but without any covenant or warranty, express or implied. The recitals in the Deed of any matters or facts will be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee or Beneficiary, may purchase at the sale. The Trustee will apply the proceeds of sale to payment of (1) the expenses of such sale, together with the reasonable expenses of this trust including therein reasonable Trustee ’s fees or attorney’s fees for conducting the sale, and the actual cost of publishing, recording, mailing and posting notice of the sale; (2) the cost of any search and/or other evidence of title procured in connection with such sale and revenue stamps on Trustee’s Deed; (3) all sums expended under the terms hereof, not then repaid, with accrued interest at the rate specified in the Note s; (4) all other sums then secured hereby; and (5) the remainder, if any, to the person or persons legally entitled thereto;

21. Beneficiary may from time to time substitute a successor or successors to any Trustee named herein or acting hereunder to execute this Trust. Upon such appointment, and without conveyance to the successor trustee, the latter will be vested with all title, powers, and duties conferred upon any Trustee herein named or acting hereunder. Each such appointment and substitution will be made by written instrument executed by Beneficiary, containing reference to this Deed of Trust and its place of record, which, when duly recorded in the proper office of the county or counties in which the property is situated, will be conclusive proof of proper appointment of the successor trustee;

22. The pleading of any statute of limitations as a defense to any and all obligations secured by this Deed of Trust is hereby waived to the full extent permissible by law;

23. Upon written request of Beneficiary stating that all sums secured hereby have been paid and all obligations secured hereby have been satisfied, and upon surrender of this Deed of Trust and the Notes to Trustee for cancellation and retention and upon payment of its fees, Trustee will reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or fact will be conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as “the person or persons legally entitled thereto”;

24. The trust created hereby is irrevocable by Trustor;

25. This Deed of Trust applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors, and assigns. The term “Beneficiary” will include not only the original Beneficiary hereunder but also any future owner and holder including pledgees, of the Note s secured hereby. In this Deed of Trust, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and the singular number includes the plural. All obligations of Trustor hereunder are joint and several;

26. Trustee accepts this Trust when this Deed of Trust, duly executed and acknowledged, is made public record as provided by law. Except as otherwise provided by law the Trustee is not obligated to notify any party hereto of pending sale under this Deed of T rust or 187 of 230

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of any action of proceeding in which Trustor, Beneficiary, or Trustee will be a party unless brought by Trustee;

27. The undersigned Trustor requests that a copy of any notice of default and of any notice of sale hereunder be mailed to Trustor at the following address:

V
erdugo Housing Corporation
221 E. Walnut St.

Suite 112
Pasadena, CA 91101
Attn: Executive Director

28. T
rustor agrees at any time and from time to time upon receipt of a written request from Beneficiary, to furnish to Beneficiary detailed statements in writing of income, rents, profits, and operating expenses of the premises, and the names of the occupants and tenants in possession, together with the expiration dates of their leases and full information regarding all rental and occupancy agreements, and the rents provided for by such leases and rental and occupancy agreements, and such other information regarding the premises and their use as may be requested by Beneficiary;

29. Trustor agrees that the Authority L oans secured by this Deed of Trust are made expressly for the purpose of financing the rehabilitation and development of the Project as set forth in the Affordable Housing Agreement, and the Project and Property are subject to the restrictions set forth in the Secured Obligations;

30. Trustor agrees that, except as otherwise provided in the Notes secured hereby or in this Deed of Trust, upon sale or refinancing of the Property, the entire principal balance of the debt secured by this Deed of Trust, plus any accrued but unpaid interest thereon, will at the option of Beneficiary be immediately due and payable;

31. If the rights and liens created by this Deed of Trust will be held by a court of competent jurisdiction to be invalid or unenforceable as to any part of the obligations described herein, the unsecured portion of such obligations will be completely performed and paid prior to the performance and payment of the remaining and secured portion of the obligations, and all performance and payments made by Trustor will be considered to have been performed and paid on and applied first to the complete payment of the unsecured portion of the obligations; and

32. (a) F ailure or delay by Trustor to perform any term or provision respectively required to be performed under the Secured Obligations or this Deed of Trust constitutes a default under this Deed of Trust.
(b) Delay in giving any notice will not constitute a waiver of any default nor will it change the time of default.
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( c) Any failures or delays by Beneficiary in asserting any of its rights and remedies as to any default will not operate as a waiver of any default or of any such rights or remedies. Delays by Beneficiary in asserting any of its rights and remedies will not deprive Beneficiary of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert, or enforce any such rights or remedies. (d) If a monetary event of default occurs, prior to exercising any remedies hereunder, Beneficiary will give Trustor written notice of such default. Trustor will have ten (10) calendar days after the notice of default is received or deemed received within which to cure the default. In no event will the Beneficiary be precluded from exercising remedies if its security becomes or is about to become materially impaired by a failure to cure a default or the default is not cured within ten (10) calendar days after the notice of default is received or deemed received. (e) If a non-monetary event of default occurs, prior to exercising any remedies hereunder, Beneficiary will give Trustor written notice of such default. If the default is reasonably capable of being cured within thirty (30) calendar days after such notice is received or deemed received, Trustor will have such period to effect a cure prior to exercise of remedies by the Beneficiary under this Deed of Trust. If the default is such that it is not reasonably capable of being cured within thirty (30) days, and Trustor (i) initiates corrective action within said period, and (ii) diligently and in good faith works to effect a cure as soon as possible, then Trustor will have such additional time as is reasonably necessary to cure the default prior to the Beneficiary’s exercise of remedies. In no event will Beneficiary be precluded from exercising remedies if its security becomes or is about to become materially jeopardized by a failure to cure a default or the default is not cured within one hundred eighty (180) days after the notice of default is received or deemed received or such additional time as is reasonably approved by the Beneficiary Executive Director or designee.
(f) Any notice of default that is transmitted by electronic facsimile transmission followed by delivery of a “hard” copy, will be deemed delivered upon its transmission; any notice of default that is personally delivered (including by means of professional messenger service, courier service such as United Parcel Service or Federal Express, or by U.S. Postal Service), will be deemed received on the documented date of receipt by Trustor; and any notice of default that is sent by registered or certified mail, postage prepaid, return receipt required will be deemed received on the date of receipt thereof.
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Authority Deed of Trust
S-1
IN WITNESS WHEREOF Trustor has executed this Deed of Trust as of the day and year set forth above.

V
erdugo Housing Corporation, a California nonprofit public benefit corporation
B
y: ____________________________
Name: ______________________
Title: ______________________
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TATE OF CALIFORNIA )
)

COUNTY OF )
On
, before me, ,
a Notary Public, personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I
certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

W
ITNESS my hand and official seal.

S
ignature (Seal)
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. 191 of 230

Bravo Home
Authority Deed of Trust
Exhibit A – Legal Description
Exhibit A

LEGAL DESCRIPTION
[REDACTED]
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B
ravo Home
Affordable Housing Agreement
ATTACHMENT NO. 12
E

NVIRONMENTAL INDEMNITY
[be
hind this page]
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ENVIRONMENTAL INDEMNITY
(BRAVO HOME)
T
HIS ENVIRONMENTAL INDEMNITY (“ Indemnity”), dated as of _________________, 2026, made by VERDUGO HOUSING CORPORATION, a California nonprofit public benefit corporation (“Borrower”), in favor of the HOUSING AUTHORITY OF THE CITY OF GLENDALE, a public body corporate and politic (“Authority”).

WITNESSETH
WHEREAS, Borrower is the fee owner of that certain real property as more particularly described on Exhibit A attached hereto and made a part hereof, and the real property improvements thereon (collectively referred to as the “Property”);
WHEREAS, Borrower and the Authority entered into that certain Affordable Housing Agreement dated as of ______________, 2026, as it may be amended from time to time (“Affordable Housing Agreement”), pursuant to which the Authority agreed to make three loans to Borrower in the original principal amounts of Six Hundred Eighty- Three Thousand Three Hundred Sixty-One Dollars ($683,361) (the “HOME CHDO Loan”), Two Million One Hundred Thousand Dollars ($2,100,000) (the “ HOME ARP Loan ”), and Seven Hundred Eighty- One Thousand Dollars ($781,000) (the “PLHA Loan”) for payment of a portion of the Development Costs of the Project. The HOME CDHO Loan , the HOME ARP Loan, and the PLHA Loan may be collectively referred to herein as the “Authority Loans.” The Affordable Housing Agreement and the documents and instruments referred to therein which are being executed by Borrower concurrently herewith are referred to collectively as the “Loan Documents;” and WHEREAS, Borrower has agreed to execute and deliver to the Authority this Indemnity to induce the Authority to make the Authority Loans.

NOW, THEREFORE, in consideration of the foregoing and in consideration of the mutual agreements hereinafter set forth, Borrower hereby agrees with the Authority as follows:

Section 1. DEFINITIONS
For the purpose of this Indemnity, “Hazardous Substances” will include, but not be limited to, substances defined as “extremely hazardous substances,” “hazardous substances,” “hazardous materials,” “hazardous waste” or “toxic substances” in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Sections 11001-11050; the Hazardous Materials Transportation Act, 49 U.S.C. Sections 1801, et seq .; the Resource Conservation and Recovery Act, 42 U.S.C. Sections 6901, et seq.; and those substances defined as “hazardous waste” in Section 25117 of the California Health and Safety Code, as “infectious waste” in Section 25117.5 of the California Health and Safety Code, or as “hazardous substances” in Section 25316 of the California Health and Safety Code or “hazardous materials” as defined in Section 353 of the California Vehicle Code; and in the regulations adopted and publications promulgated pursuant to said laws. Other capitalized terms used in this Indemnity will have the 194 of 230

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meanings ascribed to them in the Affordable Housing Agreement with the same force and effect as if set forth in full below.

Section 2. COVENANTS AND INDEMNITY
The following covenants and indemnities are hereby given and made by Borrower:

2.1 Covenants.
( a) Borrower covenants that it will comply with any and all laws, regulations, and/or orders which may be promulgated, from time to time, with respect to the discharge and/or removal of Hazardous Substances , to pay immediately when due the costs of the removal of, or any other action required by law with respect to, any such Hazardous Substances, and to keep the Property free of any lien imposed pursuant to any such laws, regulations, or orders. (b) Borrower covenants that the Property will not, while Borrower is the owner thereof, be used for any activities involving, directly or indirectly, the use, generation, treatment, storage, release, or disposal of any Hazardous Substances , except for de minimis quantities used at the Property in compliance with all applicable environmental laws and required in connection with the routine construction, operation and maintenance of the Property. (c) Borrower further agrees that Borrower will not release or dispose of any Hazardous Substances at the Property without the express written approval of the Authority and that any such release or disposal will be effected in strict compliance with all applicable laws and all conditions, if any, established by the Authority.
(d) The Authority will have the right, at any time, to conduct an environmental audit of the Property at the Authority’s expense, unless Hazardous Substances are found, then at Borrower’s sole cost and expense, and Borrower will cause Borrower to cooperate in the conduct of any such environmental audit but in no event will such audit be conducted unless the Authority believes that such audit is warranted. Other than in an emergency, such audit will be conducted only after reasonable prior notice has been given to Borrower and only in the presence of a representative of Borrower. Borrower will give the Authority and its agents and employees access to the Property at all reasonable times to remove, or otherwise to mitigate against the effects of, Hazardous Substances.
(e) Borrower will not install, or permit to be installed, on the Property friable asbestos or any substance containing asbestos and deemed hazardous by federal or state regulations respecting such material, and, with respect to any such material currently present in the Pr operty, Borrower will promptly either (i) remove or cause to be removed any material that such regulations deem hazardous and require to be removed, or (ii) otherwise comply with such federal and state regulations, at Borrower’s sole cost and expense. If Borrower will fail to so do within the cure period permitted under applicable law, regulation, or order, the Authority may do whatever is necessary to eliminate said substances from the premises or to otherwise comply with the 195 of 230

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applicable law, regulation, or order, and the costs thereof will be added to the Obligations (as hereinafter defined) of Borrower under this Section 2.
(f) Borrower will immediately advise the Authority in writing of any of the following: (i) any pending or threatened environmental claim against Borrower or the Property, (ii) any condition or occurrence on the Property that (A) results in noncompliance by Borrower with any applicable environmental law, (B) could reasonably be anticipated to cause the Property to be subject to any restrictions on the ownership, occupancy, use or transferability of the Property under any environmental law, or (C) could r easonably be anticipated to form the basis of an environmental claim against the Property or Borrower.

2.2 Indemnity. Borrower will indemnify, protect, and hold the Authority harmless from and against any and all damages, losses, liabilities, obligations, penalties, claims, litigation, demands, defenses, judgments, suits, proceedings, costs, disbursements, or expenses (including, without limitation, reasonable attorneys’ and experts’ fees and disbursements) of any kind or of any nature whatsoever (collectively, the “Obligations”) which may at any time be imposed upon, incurred by or asserted or awarded against the Authority and arising from or out of:
(a) The presence of any Hazardous Substances on, in, under, or affecting all or any portion of the Property or any surrounding areas;
(b) The breach of any covenant made by Borrower in Section 2.1 hereof; or (c) The enforcement by the Authority of any of the provisions of this Section

2.2 or the assertion by Borrower of any defense to its obligations hereunder.

Subject to the qualifications set forth in Section 2.3, below, Borrower will be liable for payment and performance of the Obligations to the full extent (but only to the extent) of the property and assets (including the Property) which constitute security for such Obligations. If default occurs in the timely and proper payment and performance of any such Obligations (after notice and reasonable opportunity to cure), any judicial proceedings brought by the Authority against Borrower will be limited to the p rotection and preservation of the Property, the preservation, enforcement and foreclosure of the liens, mortgages, assignments, rights and security interests securing such Obligations and enforcement and collection of such Obligations for which Borrower remains directly liable as provided in this Section. If there is a foreclosure of any such liens, mortgages, assignments, rights and security interests by power of sale or otherwise, no personal judgment for any deficiency thereon will be sought or obtained by the Authority against Borrower, or its officers, directors, agents, attorneys, servants or employees. In no event shall Borrower be liable for any Obligations resulting exclusively from the gross negligence and/or willful misconduct of the Authority.

2.3 Exceptions to Non-Recourse Liability. Notwithstanding the foregoing provisions of Section 2.2 or any other agreements,
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(a) the Authority may proceed against any other person or entity whatsoever with respect to the enforcement of any guarantees, surety bonds, letters of credit, reimbursement agreements or similar rights to payment or performance; and (b) The Authority may recover personally from any person or entity:
(1) any damages, costs and expenses incurred by the Authority as a result of the negligence of such person or entity, involving, directly or indirectly, the use, generation, treatment, storage, release, or disp osal of any Hazardous Substances by such person or entity or by others; provided, however, that neither Borrower nor any officer, partner , agent, attorney, servant or employee of Borrower will have any personal liability if the act or omission complained of was performed in good faith and was not reckless, wanton, intentional or grossly negligent; (2) any damages, costs and expenses incurred by Authority as a result of fraud or any criminal act or acts of Borrower or any partner, shareholder, officer, director or employee of Borrower, or of any general or limited partner of Borrower; and (3) all court costs and attorneys’ fees reasonably incurred in enforcing or collecting upon any of the foregoing exceptions (provided that Authority will pay Borrower’s reasonable court costs and attorneys’ fees if Borrower is the prevailing party in any such enforcement or collection action).

Section 3. BORROWER’S UNCONDITIONAL OBLIGATIONS

3.1 Unconditional Obligations. Borrower hereby agrees that the Obligations will be paid and performed strictly in accordance with the terms of this Indemnity, regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of the Loan Documents or affecting any of the rights of the Authority with respect thereto. The obligations of Borrower hereunder will be absolute and unconditional irrespective of:
(a) The validity, regularity, or enforceability of the Loan Documents or any other instrument or document executed or delivered in connection therewith; (b) Any alteration, amendment, modification, release, termination, or cancellation of any of the Loan Documents, or any change in the time, manner, or place of payment of, or in any other term in respect of, all or any of the obligations of Borrower contained in any of the Loan Documents;
(c) Any extension of the maturity of the Authority Loans or any waiver of, or consent to any departure from, any provision contained in any of the Loan Documents;
(d) Any exculpatory provision in any of the Loan Documents limiting the Authority’s recourse to property encumbered by the Deed of Trust securing the 197 of 230

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Authority Loans, or to any other security, or limiting the Authority’s rights to a deficiency judgment against Borrower;
(e) Any exchange, addition, subordination, or release of, or nonperfection of any lien on or security interest in, any collateral for the Authority Loans, or any release, amendment, waiver of, or consent to any departure from any provision of, any other Borrower or guarantee given in respect of the Authority Loans; (f) The insolvency or bankruptcy of Borrower, Borrower, or of any indemnitor or guarantor under any other indemnity or guarantee given in respect of the Authority Loans; or
(g) Any other circumstance that might otherwise constitute a defense available to, or a discharge of, Borrower, Borrower, or any other indemnitor or guarantor with respect to the Authority Loans or any or all of the Obligations.

3.2 Continuation. This Indemnity (a) is a continuing indemnity and will remain in full force and effect until the satisfaction in full of all of the Obligations (notwithstanding the payment in full of the Authority Loans or the release or other extinguishment of any security for the Authority Loans); and (b) will continue to be effective or will be reinstated, as the case may be, if at any time any payment of any of the Obligations is rescinded or must otherwise be returned by the Authority upon the insolvency, bankruptcy, or reorganization of Borrower, Borrower or otherwise, all as though such payment had not been made.

3.3 Termination. Notwithstanding the payment (and performance) in full of all of the Obligations and the payment (or performance) in full of all of Borrower’s obligations under the Loan Documents, this Indemnity will not terminate if any of the following will have occurred:
(a) The Authority has at any time or in any manner participated in the management or control of, taken possession of (whether personally, by agent or by appointment of a receiver), or taken title to the Property or any portion thereof, whether by foreclosure, deed in lieu of foreclosure, sale under power of sale or otherwise; or
(b) There has been a change, between the date hereof and the date on which all of the Obligations are paid and performed in full, in any Hazardous Substances laws, the effect of which may be to make a lender or mortgagee liable in respect of any of the Obligations, notwithstanding the fact that no event, circumstance, or condition of the nature described in paragraph (a) above ever occurred.

Section 4. WAIVER
Borrower hereby waives the following:
(a) Promptness and diligence;
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(b) Notice of acceptance and notice of the incurrence of any obligation by Borrower;
(c) Notice of any action taken by the Authority, Borrower, or any other interested party under any Loan Document or under any other agreement or instrument relating thereto;
(d) All other notices, demands, and protests, and all other formalities of every kind, in connection with the enforcement of the Obligations, the omission of or delay in which, but for the provisions of this Section 4, might constitute grounds for relieving B orrower of its Obligations hereunder;
(e) The right to a trial by jury with respect to any dispute arising under, or relating to, this Indemnity;
(f) Any requirement that the Authority protect, secure, perfect, or insure any security interest or lien in or on any property subject thereto; (g) Any requirement that the Authority exhaust any right or take any action against Borrower or any other person or collateral; and (h) Any defense that may arise by reason of:
(1) The incapacity, lack of authority, death or disability of, or revocation hereof by, any person or persons;
(2) The failure of the Authority to file or enforce any claim against the estate (in probate, bankruptcy, or any other proceedings) of any person or persons; or (3) Any defense based upon an election of remedies by the Authority, including, without limitation, an election to proceed by nonjudicial foreclosure or which destroys or otherwise impairs the subrogation rights of the Authority or any other right of the Authority to proceed against Borrower.

Section 5. NOTICES
Any notice, demand, statement, request, or consent made hereunder will be in writing and will be personally served, mailed by first -class registered mail, return receipt requested, to the address set forth in the first paragraph of this Indemnity, above, or given by telecopier to the telecopier numbers stated below, with confirmations mailed by fi rst class registered mail, return receipt requested to the address set forth above, of the party to whom such notice is to be given (or to such other address as the parties hereto, will designate in writing):

I
n the case of the Authority:
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HOUSING AUTHORITY OF

THE CITY OF GLENDALE
141 N. Glendale Avenue, Room 202,
Glendale, California 91206
Attention: Executive Director
W
ith a copy to: CITY OF GLENDALE
City Attorney’s Office
613 E. Broadway
Suite 220
Glendale, California 91206
Attention: City Attorney
I
n the case of Borrower:

V
erdugo Housing Corporation
221 E. Walnut St.

Suite 112
Pasadena, CA 91101
Attn: Executive Director
Any notice that is transmitted by electronic facsimile transmission followed by delivery of a “hard” copy, will be deemed delivered upon its transmission; any notice that is personally delivered (including by means of professional messenger service, courier service such as United Parcel Service or Federal Express, or by U.S. Postal Service), will be deemed received on the documented date of receipt; and any notice that is sent by registered or certified mail, postage prepaid, return receipt required will be deemed received on the date of receipt thereof.

Section 6. MISCELLANEOUS

6.1 Borrower will make any payment required to be made hereunder in lawful money of the United States of America, and in same day funds, to the Authority at its address specified in the first paragraph hereof.

6.2 No amendment of any provision of this Indemnity will be effective unless it is in writing and signed by Borrower and the Authority, and no waiver of any provision of this Indemnity, and no consent to any departure by Borrower from any provision of this Indemnity, will be effective unless it is in writing and signed by the Authority, and then such waiver or consent will be effective only in the specific instance and for the specific purpose for which given.

6.3 No failure on the part of the Authority to exercise, and no delay in exercising, any right hereunder or under any other Loan Document will operate as a waiver thereof, nor will any single or partial exercise of any right preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies of the Authority provided herein and in the other Loan 200 of 230

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Documents are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights of the Authority under any Loan Document against any party thereto are not conditional or contingent on any attempt by the Authority to exercise any of its rights under any other Loan Document against such party or against any other person or collateral.

6.4 Any provision of this Indemnity that is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof and without affecting the validity or enforceability of such provision in any other jurisdiction.

6.5 This Indemnity will (a) be binding upon Borrower, and Borrower’s successors and assigns; and (b) inure, together with all rights and remedies of the Authority hereunder, to the benefit of the Authority, its respective directors, officers, employees, and agents, any successor s to the Authority’s interest in the Property, any other person who acquires any portion of the Property at a foreclosure sale or otherwise through the exercise of the Authority’s rights and remedies under the Loan Documents, any successors to any such person, and all directors, officers, employees, and agents of all of the aforementioned parties. Without limiting the generality of clause (b) of the immediately preceding sentence, the Authority may, subject to, and in accordance with, the provisions of the Loan Documents, assign or otherwise transfer all or any portion of its rights and obligations under any other Loan Document, to any other person, and such other person will thereupon become vested with all of the rights and obligations in respect thereof that were granted to the Authority herein or otherwise. None of the rights or obligations of Borrower hereunder may be assigned or otherwise transferred without the prior written consent of the Authority.

6.6 Borrower hereby (a) irrevocably submits to the jurisdiction of any California or federal court sitting, in each instance, in Los Angeles County in any action or proceeding arising out of or relating to this Indemnity, (b) waives any defense based on doctrines of venue or forum non convenient or similar rules or doctrines, and (c) irrevocably agrees that all claims in respect of any such action or proceeding may be heard and determined in such California or federal court.

Borrower irrevocably consents to the service of any and all process which may be required or permitted in any such action or proceeding to the address specified in the first paragraph of this Indemnity, above. Borrower agrees that a final judgment in any such action or proceeding will be conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law.

6.7 The title of this document and the captions used herein are inserted only as a matter of convenience and for reference and will in no way define, limit, or describe the scope or the intent of this Indemnity or any of the provisions hereof.

6.8 This Indemnity will be governed by, and construed and interpreted in accordance with, the laws of the State of California applicable to contracts made and to be performed therein, except to the extent that the laws of the United States preempt the laws of the State of California. 201 of 230

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6.9 This Indemnity may be executed in any number of counterparts, each of which will constitute an original and all of which together will constitute one agreement. [
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S-1
2294\02\4124257.2
I N WITNESS WHEREOF, Borrower has duly executed this Indemnity as of the date first set forth above.
“
Borrower”
V
erdugo Housing Corporation, a California nonprofit public benefit corporation
B
y: ____________________________
Name: ______________________
Title: ______________________
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Exhibit A
to Environmental Indemnity

LEGAL DESCRIPTION
[REDACTED]
Bravo Home
Environmental Indemnity
Exhibit A – Legal Description
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You don't often get email from [email protected]. Learn why this is important From: Brownell, Aaron
To: Ani
Cc: Kassakhian, Ardashes; Asatryan, Elen; Brotman, Daniel; Gharpetian, Vartan; Najarian, Ara; CityClerk; City Council; Fortney, Mike
Subject: RE: Question following cancellation of June 2nd meeting re this - Re: Public comment on Substantial Amendment to FY 2025-2026 Annual Action Plan ($683,361 HOME CHDO allocation) — notice sufficiency, CHDO eligibility, and conflict of interest
Date: Friday, May 29, 2026 8:36:00 AM
Attachments: image001.png
Ms. Khash,
Thank you for your comments. City staff is no longer moving forward with the Substantial Amendment regarding the HOME-CHDO funds. Therefore, any further comments regarding this amendment are considered moot. All initial comments have been reviewed, and staff responses are provided directly below in red font. These responses will be formally attached as an exhibit to the June 30th agenda item.

Sincerely,
From:

Ani <[email protected]>
Sent:

Thursday, May 28, 2026

10:36 AM
To:

Brownell, Aaron <[email protected]>
Cc:

Kassakhian, Ardashes <[email protected]>; Asatryan, Elen <[email protected]>; Brotman, Daniel <[email protected]>; Gharpetian, Vartan <[email protected]>; Najarian, Ara <[email protected]>; CityClerk <[email protected]>; City Council <[email protected]>; Fortney, Mike <[email protected]>
Subject:

Question following cancellation of June 2nd meeting re this - Re: Public comment on Substantial Amendment to FY 2025-2026 Annual Action Plan ($683,361 HOME CHDO allocation) — notice sufficiency, CHDO eligibility, and conflict of interest CAUTION:

This email was delivered from the Internet. Do not click links, open attachments, or reply if you are unsure as to the sender.

Mr. Brownell,
Thank you for confirming on May 26 that my comment would be attached to the June 2 staff report.

I see the June 2 hearing on the FY 2025-2026 Annual Action Plan substantial amendment has since been cancelled, with Phases 1 and 2 of the HOME CHDO activity moving into the FY 2026-2027 Annual Action Plan effective July 1, 2026, and Phase 3 set for a separate Joint Housing Authority and City Council hearing on June 30, 2026.

So the public record stays complete across this change, please confirm in writing:

1. Will the FY 2026-2027 Annual Action Plan carrying this activity have its own public EXHIBIT 4
205 of 230

comment period and public hearing under 24 CFR 91.105, and on what dates?

- The item will appear on the June 2nd agenda and will be presented by the Community Services and Parks department. The public comment information can be found on their department’s subpage.

2. Will my May 20 comment, including the points on notice sufficiency, CHDO eligibility under 24 CFR 92.2, and conflict of interest under 24 CFR 92.356, be carried forward in full into both the FY 2026-2027 Annual Action Plan record and the June 30 Phase 3 item, and attached to each corresponding staff report?
- Staff will include your comments on the June 30th item and will be attached as an exhibit. However, I cannot confirm its inclusion on the June 2nd agenda as the item is being presented by the Community Services and Parks department. The public comment information can be found on the Community Services and Parks department’s subpage.

3. What is the total HOME funding for the full project, and the amount allocated to each of Phases 1, 2, and 3?

HOME funding was appropriated for Phases 1 and 2 only, totaling $3,140,861. This information can be found in the December 2nd, 2025, staff report.

4. What is the current CHDO designation status of Verdugo Housing Corporation, and the date of any conflict-of-interest determination or disclosure made under 24 CFR

92.356?

- City Council officially designated the Verdugo Housing Corporation as a CHDO on December 2nd, 2025. The disclosures were attached as Exhibit 1 with the December 2nd, 2025,

staff report.

Thank you,
Ani

On Tue, May 26, 2026 at 7:56
AM Brownell, Aaron <[email protected]> wrote:

Ms. Khash,

Your comments have been received and will be attached to the Staff Report for the Public Hearing on June 2nd, 2026.

Thanks,

206 of 230

You don't often get email from [email protected]. Learn why this is important Aaron Brownell | Senior Housing Project Manager
Community Development
141 N. Glendale Avenue, 2nd Level, Room 202, Glendale, CA 91206 P: +1 (818) 550-4530
[email protected] | GlendaleCA.gov | Follow us! 120 Years of Service to Our Community

From: Ani <[email protected]>
Sent:

Thursday, May 21, 2026 12:18 PM
To:

Brownell, Aaron <[email protected]>
Cc:

Re: Public comment on Substantial Amendment to FY 2025-2026 Annual Action Plan ($683,361 HOME CHDO allocation) — notice sufficiency, CHDO eligibility, and conflict of interest

CAUTION:

This email was delivered from the Internet. Do not click links, open attachments, or reply if you are unsure as to the sender.

Dear Mr. Brownell,
Could you please confirm receipt of this email from yesterday? My records show the email has been opened multiple times as well.

Thank you,
Ani

On Wed, May 20, 2026 at 1:22
PM Ani <[email protected]> wrote:

Dear Mr. Brownell,
This is a public comment on the Substantial Amendment to the FY 2025-2026 Annual Action Plan, which adds the activity "HOME CHDO Affordable Housing Rehabilitation" and proposes a HOME CHDO loan of $683,361 to Verdugo Housing Corporation to rehabilitate and expand an existing affordable housing facility in Glendale into 21 units of permanent supportive housing. Please confirm receipt of this email, and please enter this comment into the administrative record so that it is addressed in the City's written summary of comments prior to the June 2, 2026 joint hearing.

The amendment names Verdugo Housing Corporation as the CHDO, describes it as "a HUD-designated Community Housing Development Organization," states that the project will create 21 units of permanent supportive housing, and provides that funds are to be 207 of 230

committed by September 30, 2026. The amendment does not, however, identify the facility, its location beyond "City of Glendale, California," its current configuration or residents, or the basis for the City's CHDO determination. So that the public and the Council can evaluate the proposal before the June 2 hearing, I respectfully request the following.

The recipient organization

1. The amendment identifies the CHDO as Verdugo Housing Corporation. The California Secretary of State's records show two nonprofit public benefit corporations of that exact name: entity 1788831 (formed 1996, active, registered agent James J.

Howe, 221 E. Walnut Street, Suite 112, Pasadena) and entity 2449916 (formed 2002, suspended). Please confirm which entity number is the borrower, and provide the organization's federal Employer Identification Number, IRS tax-exempt status, and most recent IRS Form 990.
· This information was incorporated into the staff report dated December 2, 2025, attached as Exhibit 2.

2. The current roster of Verdugo Housing Corporation's board of directors and officers. · This information was incorporated into the staff report dated December 2, 2025, attached as Exhibit 2.

CHDO designation and certification

3. The amendment describes Verdugo Housing Corporation as "a HUD-designated CHDO." CHDO status is certified by the participating jurisdiction, not by HUD directly. Please provide the City's CHDO certification documentation for Verdugo Housing Corporation under 24 CFR 92.2, including how the City determined that the organization meets the board-composition requirement (at least one-third of the governing board representing low-income residents or community organizations), the requirement that the organization not be controlled by entities seeking profit or gain, the demonstrated-capacity requirement, and the requirement of a history of serving the community within which the housing is located.
· This information was incorporated into the staff report dated December 2, 2025, attached as Exhibit 2.

4. Whether Verdugo Housing Corporation has previously been designated as a CHDO by the City of Glendale or any other participating jurisdiction, and for which projects, and the date of the certification the City is relying on for this allocation. · As previously mentioned, City Council officially designated the Verdugo Housing Corporation as a CHDO on December 2nd, 2025.

Contracts and agreements

5. Any contracts, memoranda of understanding, letters of intent, loan documents, or other agreements between the City of Glendale and Verdugo Housing Corporation 208 of 230

related to this $683,361 allocation.
· To date, no agreement has been executed or recorded related to the $683,361. The draft of the Affordable Housing Agreement was incorporated into the staff report dated December 2, 2025, attached as Exhibit 4.

Conflict of interest disclosure

6. Disclosure of any conflicts of interest under 24 CFR 92.356 involving Verdugo Housing Corporation, its directors, officers, employees, agents, contractors, or consultants, including any relationship between Verdugo Housing Corporation and Door of Hope. Public records indicate that Verdugo Housing Corporation and Door of Hope share a business address at 221 E. Walnut Street, Suite 112, Pasadena, and that James J. Howe, the registered agent of Verdugo Housing Corporation, holds an officer position at Door of Hope. Door of Hope is listed in the City's own Continuum of Care social service agency directory and is understood to be a current City subrecipient. I request disclosure of the nature of this relationship and confirmation of whether the disclosure and exception process required under 24 CFR 92.356(d) has been or will be followed.
· As previously mentioned, the disclosures were attached to the December 2nd, 2025 Staff Report as Exhibit 1.

The facility

7. The amendment does not name the facility being rehabilitated or its address. The City's own application to the California Department of Housing and Community Development for Homeless Housing, Assistance and Prevention (HHAP) funds describes Door of Hope as "the lead operator of the Glendale Access Center for Domestic Violence Survivors, Emergency, Interim and Permanent Housing Programs." Given the documented relationship between Verdugo Housing Corporation and Door of Hope, please confirm whether the facility to be rehabilitated and expanded into 21 units of permanent supportive housing is a Door of Hope- operated site, and if so, which one. I recognize that the precise street address of a facility serving survivors of domestic violence may be subject to confidentiality protections, and I am not requesting disclosure of any information that would compromise resident safety; I am requesting confirmation of the operator and the nature of the facility.
· The operator of the facility is Door of Hope and the project’s serves women affected or at risk of Domestic Violence.

8. The number of units before and after rehabilitation, the current resident population and the source of any existing subsidies, any affordability covenants currently recorded on the property, and the projected resident population after conversion to permanent 209 of 230

supportive housing.
· The existing unit count is 14 units. Phases 1 & 2 will expand the facility to 21 units(The Staff Report incorrectly states 19 but was addressed in the hearing) and Phase 3 will expand the facility to 25 units. The total resident population varies depending on the household sizes.

9. Whether the facility is the same Parkview Glendale property at 426 Piedmont Avenue and 507 Naranja Drive that is the subject of the companion HOME-ARP Substantial Amendment moving to the same June 2 hearing, or a different facility at a different address. The amendment states this project creates 21 units of permanent supportive housing, while the companion HOME-ARP amendment concerns 11 HOME-ARP units at the 68-unit Parkview Glendale senior project developed by EAH Housing.

Please clarify whether these are the same property, co-located, or distinct. · This project is separate and distinct from the Parkview Glendale project.

Notice and the September 30 deadline

10. The amendment states that funds are to be committed by September 30, 2026, and that the recorded Affordable Housing Covenants will run for "a specified period of time." Please state the affordability period and confirm that the certification, underwriting, and 24 CFR 92.356 conflict review will be completed and made public before any commitment of funds.
· The affordability term will run for 20 years from the date the Affordable Housing Agreement is recorded.

11. The amendment, as published for comment, names the CHDO and the dollar amount but does not identify the facility, its address, or its current residents. I request that the City post supplemental detail responsive to the questions above to GlendaleCA.gov/AffordableHousing during the comment period. If that information cannot be made available with sufficient time for public review before June 2, I request in the alternative that the public comment period be extended to permit informed comment after the information is posted.
· Due to the sensitive nature of the facility, the specific project location and the identities of the residents served will remain strictly confidential and will not be released.

I appreciate the City's attention to these questions and request a written response. I would prefer that these matters be clarified on the record before the hearing rather than after adoption.

Sincerely,
Ani Khash

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2 26-90164

CITY OF GLENDALE, CALIFORNIA
REPORT TO THE JOINT MEETING: GLENDALE CITY COUNCIL AND

GLENDALE HOUSING AUTHORITY

AGENDA ITEM
Report: Los Angeles County Affordable Housing Solutions Agency Budget renewal for Fiscal Year 2026 - 2027

1.City Council Motion Adopting the FY 2026-27 LACAHSA Annual Budget for Measure A Funds and Authorizing Submittal to LACAHSA;

2.City Council Motion Authorizing Staff to Request a Waiver from LACAHSA’s RPHP (Renter Protection & Homelessness Prevention) Legal Services Requirement and Use Remaining Legal Services Allocation for Limited Legal Services, Renter Education;

3.City Council Motion Authorizing Staff to Allocate Funds to RenterAid on a Trial Basis;

4.City Council Resolution of Appropriation of FY 26-27 Measure A Sales Tax Allocation.

COUNCIL ACTION
Item Type: Action Item
Approved for June 30, 2026 calendar

EXECUTIVE SUMMARY
Senate Bill 679, also known as the Los Angeles County Regional Housing Finance Act, created the Los Angeles County Affordable Housing Solutions Agency (LACAHSA) to increase the supply of affordable housing in Los Angeles County and support renter protections, homelessness prevention, affordable housing preservation, and new affordable housing production.

In 2024, Los Angeles County voters approved Measure A, a half-cent sales tax that provides ongoing funding for homelessness prevention, renter protection, and affordable housing activities through several funding streams, including LACAHSA.

For Fiscal Year (FY) 2026-27, the City of Glendale is estimated to receive approximately $5,102,984 in LACAHSA Measure A funds. This includes $2,336,246 for Production, Preservation, and Ownership (PPO) New Construction, $326,902 for PPO- Flexible, $2,091,288 for Renter Protection and Homelessness Prevention, and $348,548 for Technical Assistance. These amounts are based on LACAHSA’s FY 2026- 27 Expenditure Plan allocation table for the City of Glendale. 212 of 230

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During FY 2025-26, the City used a limited portion of its initial LACAHSA allocation while staff developed program infrastructure, policies, workflows, and staffing capacity.

The Housing Division has hired one hourly staff member to support implementation and is preparing to launch the Glendale Rental Assistance Stabilization Program (GRASP).

GRASP marketing and outreach are beginning, and staff anticipates the program will be operational early July 2026.

For FY 2026-27, staff recommends continuing to prioritize the Renter Protection and Homelessness Prevention (RPHP) allocation for GRASP, with the majority of funds reserved for direct assistance to Glendale renters. Staff also recommends maintaining administrative and activity delivery funding within the RPHP budget to support regular program operations, including application review, eligibility verification, payment processing, compliance, reporting, monitoring, and other costs necessary to administer the program effectively. This structure allows the City to operate GRASP in a consistent and accountable manner while preserving the majority of RPHP funds for direct housing stabilization assistance. If the administrative reserve is not needed, staff intends to submit a revised budget to LACAHSA to shift those funds back toward direct rental assistance.

RECOMMENDATION
Staff recommends that City Council:
Adopt the FY 2026-27 LACAHSA Annual Budget for Measure A Funds and authorize staff to submit the adopted budget to LACAHSA. Authorize staff to request a waiver from LACAHSA’s RPHP legal services requirement and to use the remaining legal services allocation for limited legal services, renter education.
Authorize staff to allocate funds to RenterAid on a trial basis. Adopt the resolution of appropriation necessary to receive, appropriate, and expend the FY 2026-27 LACAHSA Measure A funds.

ANALYSIS
For FY 2026-27, Measure A is projected to generate roughly $1.08 billion countywide.

Of that amount, 35.75% is directed to LACAHSA for affordable housing production, preservation, renter protection, homelessness prevention, and technical assistance.

LACAHSA then distributes a portion of these funds to eligible jurisdictions, including the City of Glendale. Based on LACAHSA’s FY 2026-27 Expenditure Plan, Glendale’s direct allocation represents approximately 1.32% of total LACAHSA funding, or roughly $5.1 million for FY 2026-27. LACAHSA’s Transitional Program Guidelines state that eligible jurisdictions are responsible for administering and expending Measure A funds consistent with Measure A, SB 679, the Annual Expenditure Plan, and LACAHSA Program Guidelines.
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Category Purpose
A. Production,
Preservation, and
Ownership - New
Construction
Funding for new affordable housing production and
related eligible uses.

B. Production,
Preservation, and
Ownership - Flexible
Funding for eligible PPO uses, including
preservation, acquisition, rehabilitation, ownership
products, and certain rent or operating subsidies.

C. Renter Protection and
Homelessness
Prevention
Funding for temporary, short-term assistance to
help currently housed renters avoid displacement or
resolve housing crises.

D. Technical Assistance Funding for planning, studies, software and data systems, monitoring, evaluation, reporting, and
other professional services needed to support
LACAHSA-funded programs and activities.

FY 2025-26 Status Update
Glendale’s FY 2025-26 LACAHSA budget was adopted during the first year of LACAHSA implementation. Because this was a new funding source with new program rules, staff focused on building the necessary administrative foundation before committing significant program dollars.

During FY 2025-26, staff completed or initiated the following activities:
Developed GRASP policies, procedures, application materials, review workflows, and program forms;
Began setting up internal administrative systems for eligibility review, document collection, benefit calculation, payment processing, and case monitoring; Hired one staff member to support program implementation; Began planning for software and system support to manage GRASP, affordable housing portfolio activities, rental rights work, and other new LACAHSA-funded programs;
Coordination with Continuum of Care, Homeless Services staff for referrals and connection to agencies serving those at-risk;
Continued evaluating potential PPO opportunities; and
Began preparing for GRASP marketing, outreach, and launch.

FY 2026-27 LACAHSA Budget Allocation
The following table summarizes staff's proposed FY 2026-27 LACAHSA Measure A budget by funding category. The proposed budget allocates funds across PPO, RPHP, and TA, while also identifying estimated administrative costs, activity delivery costs, legal service requirements, and remaining program funds available for eligible activities. 214 of 230

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Category Allocation Admin Activity
Delivery Cost
Legal
Service
(20%)*
Remaining
Program
Funds
A. Production,
Preservation,
and Ownership
- New
Construction
$2,336,246.00 $205,727.84 — — $2,130,518.40
B. Production,
Preservation,
and Ownership
- Flexible
$326,902.00 $60,586.96 — — $266,314.80
C. RPHP $2,091,288.00 $146,390.16 $139,170.48 $418,257.60 $1,387,469.76 D. TA $348,548.00 — — $348,548.00
Total $5,102,984.00 $412,704.96 $139,170.48 $418,257.60 $4,132,850.96 Percent of Total
Funds
100% 8.1% 2.7% 8.2% 81%
*Staff will request waiver to direct $350,000 to GRASP.

A. Production, Preservation, and Ownership - New Construction Staff is not proposing to commit FY 2026-27 PPO New Construction funds to a specific project at this time. Staff is continuing to evaluate potential affordable housing production and preservation opportunities that could appropriately use LACAHSA PPO funds.

Staff will need to conduct further analysis before recommending a PPO commitment.

PPO projects involving construction or rehabilitation are subject to prevailing wage requirements, and projects with 40 units or more must comply with the applicable project labor agreement or community workforce agreement. These requirements may affect project feasibility, cost assumptions, and the amount of subsidy needed to make a project viable.

For FY 2026-27, staff recommends budgeting PPO funds in their allowed categories while continuing to identify projects that can meet LACAHSA requirements and make financial sense for the City. Any future project commitment will be brought back to City Council/Housing Authority for consideration before funds are expended.

B. Production, Preservation, and Ownership – Flexible
Staff is not proposing to commit FY 2026-27 PPO Flex funds to a specific project at this time. PPO Flex funds may support a broader range of eligible housing activities, including preservation of existing affordable housing, affordability extensions, operating or rental subsidies tied to affordable units, and eligible homeownership products. Staff is 215 of 230

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continuing to evaluate potential opportunities that could appropriately use LACAHSA PPO Flex funds.

Any future PPO project commitment will be brought back to the City Council for consideration before funds are awarded or expended.

C. Renter Protection and Homelessness Prevention (RPHP) LACAHSA’s guidelines identify eligible RPHP uses to include marketing, assessment, eligibility and referral, legal services and renter education, emergency rental and flexible financial assistance, temporary rental assistance, and short-term income support.

RPHP assistance is intended to be temporary and short-term for households that are currently housed and at risk of losing housing.

Staff recommend using the FY 2026-27 RPHP allocation primarily to continue funding GRASP, consistent with prior Council direction. GRASP is intended to prioritize Glendale renters experiencing an immediate housing crisis or recent hardship, including households facing eviction, rent arrears, utility shutoff, income loss, or another verified housing-stability need. Consistent with Council’s prior policy discussions, the program will also be designed to reach vulnerable renter households, including lower-income households, seniors, persons with disabilities, families with children, and other renters who may be at greater risk of displacement.

LACAHSA’s Transitional Program Guidelines currently require Eligible Jurisdictions to spend at least 20% of their RPHP allocation on Legal Services. For FY 2025-2026 Staff requested a waiver in the amount of $334,000 and the waiver was approved. The $334,000 was reallocated towards direct assistance. Based on Glendale’s estimated FY 2026-27 RPHP allocation, the legal services requirement would be approximately $418,000. Staff anticipates requesting and receiving approval for a waiver of roughly $350,000, allowing those funds to be redirected toward GRASP and other eligible renter protection and homelessness prevention assistance. The remaining amount (i.e. $68,000) would be used for limited legal services, renter education, tenant-rights guidance, workshops, referrals, and non-representation attorney support.

RPHP Use if Waiver Is Approved Amount % of RPHP
Program Administration $146,390.16 7.0%
Activity Delivery Costs (Front end staff) $139,170.48 6.6% Limited Legal Services / Renter Education $68,257.60 3.3% Direct Assistance with redirected legal amount $1,737,469.76 83.1% Total RPHP $2,091,288 100%
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D. Technical Assistance (TA)
The FY 2026-27 TA allocation is proposed to support the tools and planning needed to administer LACAHSA-funded activities, including software, data systems, studies, consultant support, outreach, monitoring, reporting, and other professional services.

These costs would be directly tied to LACAHSA program implementation and would not be used as general City revenue.

Staff expects TA funds to help build the systems and tools needed to manage GRASP, evaluate PPO opportunities, coordinate rental rights and homelessness prevention activities, and improve staff’s ability to track outcomes, avoid duplication, and report accurately to LACAHSA.

Coordination With Homeless Services and Other Housing Programs LACAHSA’s FY 2026-27 Expenditure Plan identifies an Integrated Service Model (ISM) intended to coordinate renter protection and homelessness prevention services across Los Angeles County. Eligible Jurisdictions may participate in several ways, including co- investing RPHP funds, using shared tools, or participating in streamlined contracting.

For Glendale, staff recommends continuing to self-administer GRASP at this time.

However, the City will preserve the ability to align with LACAHSA’s ISM in the future to utilize shared portals, reporting systems, or prioritization tools if they improve efficiency while maintaining local control over Glendale's priorities.

Additionally, Glendale’s broader housing stability work intersects with other City services and Divisions including Homeless Services and Rental Rights, Staff intends to move toward a coordinated, “under one roof” approach that aligns these sections resources, workflows, and referrals to:
Connect residents to the correct resource earlier and more efficiently. Reduce duplication and maximize staff administrative capacity. Ensure the most appropriate funding source is used for each situation. Maintain strict compliance by keeping each funding source separately tracked and used only for eligible costs.

Ultimately, this coordinated approach will help align workflows, data tracking, referrals, and administrative processes across programs. It will also support Glendale’s broader Continuum of Care (CoC) work by strengthening the connection between homelessness prevention, housing stabilization, and related referral pathways. Better coordination with the CoC can help identify households earlier, connect residents to the appropriate resource, and reduce gaps between prevention, rental assistance, rapid rehousing, and other housing supports. This creates a more organized and efficient system for residents and staff while maximizing administrative capacity and preserving compliance with each funding source’s rules.
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RenterAid Trial Participation
LACAHSA is developing RenterAid as its countywide Integrated Service Model for renter protection and homelessness prevention. RenterAid is intended to create a more coordinated system for households at risk of eviction, displacement, or homelessness by combining renter outreach, an online portal, eligibility screening and prioritization, emergency rental and flexible financial assistance, legal services, central fiscal administration, and shared data and reporting. The model is designed to reduce fragmentation across programs, improve access for renters, help prevent duplication of benefits, and allow participating jurisdictions to benefit from shared infrastructure rather than building every program component independently.

Under LACAHSA’s co-investment approach, Eligible Jurisdictions may invest all or a portion of their RPHP funds into RenterAid. Participation may include full participation or a more limited à la carte approach, such as using the online portal, shared prioritization tools, central fiscal administration, streamlined contracting, or co-investing a portion of emergency rental, flexible financial assistance, or legal services funding.

As part of the City’s FY 2025-26 LACAHSA budget, $300,000 was identified for a LIFERAP-style pilot intended to provide targeted support to families. As staff continued working through LACAHSA’s RPHP requirements, it became clear that the original pilot concept does not align cleanly with LACAHSA’s current program structure. RPHP funds are intended to serve eligible renter households at risk of housing loss based on income, housing status, and documented housing crisis, rather than to operate as a narrowly defined family-only assistance program. Because of these requirements, the LIFERAP-style pilot would need to be broadened and administered in a way that is substantially similar to GRASP.

This is part of the normal growing pains of implementing a new funding source while LACAHSA’s guidelines, countywide systems, and local program models are still being developed. Operating a separate LIFERAP-style program requires a separate application process, eligibility review, workflow, staffing approach, compliance structure, and reporting process for a relatively limited amount of funding, while ultimately serving a population and purpose that overlap with GRASP. For that reason, staff does not recommend continuing with LIFERAP as a separate local program at this time.

Instead, staff recommends allocating the $300,000 to LACAHSA’s RenterAid program on a trial basis for FY 2026-27. Of this amount, 10% ($30,000) would be allocated toward RenterAid infrastructure and program support costs, and the remaining $270,000 would be restricted to direct assistance for eligible Glendale renter households. Based on information provided by LACAHSA, the $270,000 direct assistance amount is estimated to serve approximately 45 to 50 Glendale households.

This approach would allow Glendale to test whether RenterAid’s shared tools, including its portal, prioritization process, fiscal administration, legal service network, and data reporting structure, can help serve Glendale residents more efficiently. It would also allow the City to better understand how RenterAid works in practice, how Glendale residents access the system, what level of service and outcomes are produced, and whether the countywide model can support future local homelessness prevention work. 218 of 230

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FY 2026-27 is an appropriate year to test this approach because it overlaps with the City’s continued implementation and spend-down of FY 2025-26 GRASP funds. As a result, dedicating $300,000 to RenterAid is not expected to materially reduce the City’s ability to operate GRASP locally. Staff would use the trial period to evaluate resident participation, service outcomes, administrative efficiency, data quality, coordination with GRASP, and whether future co-investment in RenterAid should be expanded, reduced, or discontinued.

Budget Flexibility and Future Amendments
The FY 2026-27 budget is intended to establish the City’s planned use of LACAHSA funds based on current program assumptions, known funding requirements, and anticipated implementation needs. Because GRASP is a new program and LACAHSA’s countywide systems and guidelines are still developing, staff recommends maintaining flexibility within the approved budget to allow staff to respond to actual program demand, administrative requirements, and implementation experience.

LACAHSA’s guidelines allow Eligible Jurisdictions to amend their annual budgets during the fiscal year based on changing needs. Staff will continue to monitor expenditures, program demand, and delivery costs. If a material change is needed, staff may return to City Council/Housing Authority or submit a revised budget to LACAHSA, as appropriate.

STAKEHOLDERS/OUTREACH
Not applicable.

FISCAL IMPACT
The FY 26-27 LACAHSA allocation total is $5,102,984, which was not included in the FY 2026-27 Proposed Budget. The appropriation request is outlined below.

Requesting Appropriation
Amount From (Account
String)
To (Account String) Funding Source
$2,130,518.40 30314-2290-CDD-
0020-P0000-
PL: CDD01620AG
43112-2290-CDD-
0020-P0000-
PL: CDD01620AG
Measure A
Affordable
Housing Fund
$266,314.80 30314-2290-CDD-
0020-P0000-
PL: CDD01616AG
43112-2290-CDD-
0020-P0000-
PL: CDD01616AG
Measure A
Affordable
Housing Fund
$266,314.80 30314-2290-CDD-
0020-P0000-
PL: CDD01622AG
41100-2290-CDD-
0020-P0000-
PL: CDD01622AG
Measure A
Affordable
Housing Fund
$1,087,469.76 30314-2290-CDD-
0020-P0000-
PL: CDD01621AG
43112-2290-CDD-
0020-P0000-
PL: CDD01621AG
Measure A
Affordable
Housing Fund
$146,390.16 30314-2290-CDD-
0020-P0000-
41100-2290-CDD-
0020-P0000-
Measure A
Affordable
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PL: CDD01617AG PL: CDD01617AG Housing Fund
$418,257.60 30314-2290-CDD-
0020-P0000-
PL: CDD01615AG
43112-2290-CDD-
0020-P0000-
PL: CDD01615AG
Measure A
Affordable
Housing Fund
$300,000.00 30314-2290-CDD-
0020-P0000-
PL: CDD01618AG
43112-2290-CDD-
0020-P0000-
PL: CDD01618AG
Measure A
Affordable
Housing Fund
$139,170.48 30314-2290-CDD-
0020-P0000-
PL: CDD01619AG
41100-2290-CDD-
0020-P0000-
PL: CDD01619AG
Measure A
Affordable
Housing Fund
$348,548.00 30314-2290-CDD-
0020-P0000-
PL: CDD01614AG
43110-2290-CDD-
0020-P0000-
PL: CDD01614AG
Measure A
Affordable
Housing Fund
Department Cost Center Program
Community
Development
Projects

ENVIRONMENTAL REVIEW (CEQA/NEPA)
The actions described in this report, to adopt the FY 2026-27 LACAHSA Annual Budget for Measure A Funds and various other related actions, is exempt from further environmental review under the California Environmental Quality Act ("CEQA") pursuant to Title 14 of the California Code of Regulations ("CEQA Guidelines") for all of the following reasons: 1) the activity will not result in a direct or reasonably foreseeable indirect physical change to the environment under CEQA Guidelines Section 15060(c)(2) because the actions are fiscal in nature and do not involve any development or construction; 2) the activity is not a project under CEQA Guidelines Section 15060(c)(3) and 15378(b)(4) because it constitutes the creation of government funding mechanisms or other governmental fiscal activity that does not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment; and 3) the activity is covered by the common sense exemption that CEQA applies only to projects which have the potential for causing a significant effect on the environment, and here, it can be seen with certainty that there is no possibility that the activity may have a significant effect on the environment per CEQA Guidelines Section 15061(b)(3).

CAMPAIGN DISCLOSURE
This item is exempt from campaign disclosure requirements.

ALTERNATIVES TO STAFF RECOMMENDATION
Alternative 1: City Council may elect to consider any other alternative not proposed by staff.
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ADMINISTRATIVE ACTION
Submitted by:

Jack Wong, Interim Community Development Director
Prepared by:

Michael Fortney, Deputy Director of Community Development/Housing Sipan Zadoryan, Housing Supervisor
Approved by:

Roubik R. Golanian, P.E., City Manager

EXHIBITS/ATTACHMENTS
Exhibit 1: Proposed FY 2026-27 LACAHSA Annual Budget for Measure A Funds 221 of 230

MOTION
Moved by Council Member ________________________________, seconded by Council Member ___________________________________, that the FY 26-27 Los Angeles County Affordable Housing Solutions Agency (“LACAHSA”) Annual Budget for Measure A Funds for affordable housing in the City of Glendale, as set forth in the Joint Report to the Council and Housing Authority dated June 30, 2026, including any exhibits, and subject to Council comments and/or changes, is hereby adopted; and the City Manager, or his designee, is hereby authorized to submit said adopted budget to LACAHSA.

Vote as follows:

Ayes:

Noes:

Absent:

Abstain:
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MOTION
Moved by Council Member ____________________________, seconded by Council Member ___________________________, that the Council of the City of Glendale hereby directs the City Manager or his designee to apply for or request a waiver for the 20% attorney services requirement from the Los Angeles County Affordable Housing Solutions Agency to allow use of $350,000 for direct assistance for the Glendale Rental Assistance and Stabilization Program and the remaining approximately $68,000 for limited legal services, renter education, tenant-rights guidance, workshops, referrals, and non-representation attorney support, as set forth in the Joint Report to the Council and Housing Authority dated June 30, 2026 from the Director of Community Development.

Vote as follows:

Ayes:

Noes:

Absent:

Abstain:
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MOTION
Moved by Council Member ____________________________, seconded by Council Member ___________________________, that the Council of the City of Glendale hereby allocates $300,000 to the Los Angeles County Affordable Housing Solutions Agency RenterAid program on a trial basis for FY 2026-27, as set forth in the Joint Report to the Council and Housing Authority dated June 30, 2026 from the Director of Community Development.

Vote as follows:

Ayes:

Noes:

Absent:

Abstain:
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RESOLUTION
NO.

RESOLUTION
OF
THE

COUNCIL
OF
THE
CITY
OF

GLENDALE
MAKING
AN

APPROPRIATION
BE
IT

RESOLVED
BY
THE

COUNCIL
OF
THE
CITY
OF
GLENDALE:

SECTION
1:

That
the
sum
of
$5,102,984
is
hereby
appropriated
and/or
transferred
from
the
following
accounts
to
the
following
accounts:

ACCOUNTS

DESCRIPTION
FROM
TO
30314-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$213051840
CDD01
SWAG
Housing
Fund,
Community
Development,
Projects,

LACAHSA
PPO
New
Construction
26-27
431
12-2290-CDD-0020-P0000
Direct
Assistance,
Measure
A
$2,130,518.40
CDDO162OAG
Affordable
Housing
Fund,
Community
Development,
Projects,

LACAHSA
PPO
New
Construction
26-27
30314-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$266,314.80
CDDOI616AG
Housing
Fund,
Community
Development,
Projects,

LACAHSA
PPO
Flex
26-27
431
12-2290-CDD-0020-P0000
Direct
Assistance,
Measure
A
$266,314.80
C0001616AG
Affordable
Housing
Fund,
Community
Development,
Projects,

LACAHSA
PPO
Flex
26-27
30314-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$266,314.60
CDDO1622AG
Housing
Fund,
Community
Development,
Projects,

LACAHSA
PPO
Admin
26-27
41 100-2290-CDD-0020-P0000
Salaries,
Measure
A
Affordable
$266,314.80
CDDO1622AG
Housing
Fund,
Community
Development,
Projects,

LACAHSA
PPO
Admin
26-27
30314-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$1,087,469.76
CDDO1
62 lAG
Housing
Fund,
Community
Development,
Projects,
RPHP
Direct
Assistance
26-27
431
12-2290-CDD-0020-P0000
Direct
Assistance,
Measure
A
$1,087,469.76
CDDO1
621AG
Affordable
Housing
Fund,
Community
Development,
Projects,
RPHP
Direct
Assistance
26-27
30314-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$146,390.16
CDDO1617AG
Housing
Fund,
Community
Development,
Projects,
RPHP
Admin
26-27
225 of 230

411
00-2290-CDD-0020-P0000
Salaries,
Measure
A
Affordable
$146,390.16
CDD01
61 7AG
Housing
Fund,
Community
Development,
Projects,
RPHP
Admin
26-27
30314-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$418,257.60
CDDOI615AG
Housing
Fund,
Community
Development,
Projects,

LACAHSA
RPHP
Atty
Svcs
26-27
431
12-2290-CDD-0020-P0000
Direct
Assistance,
Measure
A
$418,257.60
CDD01615AG
Affordable
Housing
Fund,
Community
Development,
Projects,

LACAHSA
RPHP
Atty
Svcs
26-27
30314-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$300,000.00
CDDO161
BAG
Housing
Fund,
Community
Development,
Projects,
RenterAid
Opt-
In
26-27
431
12-2290-CDD-0020-P0000
Direct
Assistance,
Measure
A
$300,000.00
CDDOI61
BAG
Affordable
Housing
Fund,
Community
Development,
Projects,
RenterAid
Opt-
In
26-27
30314-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$139,170.48
CDDO1619AG
Housing
Fund,
Community
Development,
Projects,
RPHP
Activity
Delivery
Costs
26-27
411
00-2290-CDD-0020-P0000
Salaries,
Measure
A
Affordable
$139,170.48
CDDOI61
9AG
Housing
Fund,
Community
Development,
Projects,
RPHP
Activity
Delivery
Costs
26-27
3031
4-2290-CDD-0020-P0000-
Local
Grants,
Measure
A
Affordable
$348548.00
CDDO1
614AG
Housing
Fund,
Community
Development,
Projects,

LACAHSA
TA
26-27
431
10-2290-CDD-0020-P0000
Contractual
Services,
Measure
A
$348,548.00
CDDOI
61 4AG
Affordable
Housing
Fund,
Community
Development,
Projects,

LACAHSA
TA
26-27
To
appropriate
funding
for
the
Measure
A
allocation
by
Los
Angeles
County
Affordable
Housing
Solutions
Agency
(LACAHSA).

SECTION
2:

The
Director
of
Finance
is
authorized
to
make
such
other
revisions,
individual
appropriation
line-items,
changes
in
summaries,
fund
totals,
grand
totals,
and
other
portions
of
the
budget
document
as
necessary
to
reflect
and
implement
the
changes
specified
in
this
resolution.
226 of 230

SECTION
3:

The
City
Clerk
shall
certify
to
the
adoption
of
this
Resolution.

Adopted
this
day
of
________________
2026.

Mayor
ATTEST:

CITY
OF

GLENDALE
DATE
6/24/2026
____________________________

APPROVED
AS
TO

FINANCIAL
City
Clerk

PROVISION
FOR
S
5,102984
Dfredor
or
Nuance
STATE
OF

CALIFORNIA)
COUNTY
OF
LOS

ANGELES)
66 CITY
OF

GLENDALE)
I,Suzie
Abajian,
City
Clerk
of
the
City
of
Glendale1
do
hereby
certify
that
the
foregoing
Resolution
No.
was
adopted
by
the
Council
of
the
City
of
Glendale,
California,
at
a
regular
meeting
held
on
the__________
day
of
________________,
2026,
and
that
the
same
was
adopted
by
the
following
vote:

Ayes:Noes:Absent:Abstain:

City
Clerk
227 of 230

Eligible Jurisdiction (EJ) Name:

Estimated Annual PPO Allocation:

Amount
$266,314.80
$266,314.80
$2,130,518.40
$2,130,518.40
$266,314.80
$266,314.80
$2,663,148.00Total
Subtotal
Flexible
Programmed Amount
Subtotal
Program Administration
Programmed Amount
Subtotal
New Construction
Programmed Amount
Category
Eligible Jurisdiction Annual Budget - PPO
City of Glendale
$2,663,148.00
Exhibit 1
228 of 230

Exhibit 1
Eligible Jurisdiction (EJ) Name:

Estimated Annual RPHP Allocation:

Amount
$146,390.16
$146,390.16
$418,257.60
$418,257.60
$1,087,469.76
Emergency Rental Assistance $761,228.83
Income Support $326,240.93
$139,170.48
$1,226,640.24
$2,091,288.00
Amount
$30,000.00
$30,000.00
$270,000.00
$270,000.00
300,000.00$
Subtotal
Emergency Rental and Flexible Financial Assistance, Income Support Total LACAHSA-Administered
Direct Assistance
Activity Delivery Costs
Programmed Amount (LACAHSA-Administered - RenterAid)
Emergency Rental and Flexible Financial Assistance
Subtotal
Programmed Amount (LACAHSA-Administered - RenterAid)
Program Administration
Category

2. LACAHSA-Administered Funds (RenterAid Opt-In)
Subtotal
Legal Services and Renter Education
Direct Assistance
Subtotal
Total EJ- and LACAHSA-Administered
Subtotal
Program Administration
Eligible Jurisdiction Annual Budget - RPHP
City of Glendale
$2,091,288.00

1. EJ-Administered Funds
Category
Program Administration
229 of 230

Eligible Jurisdiction (EJ) Name:

Estimated Annual TA Allocation:

Amount
$348,548.00
$348,548.00
Program Design, Research, Marketing, Consulting, Personnel & Evaluation Programmed Amount
Total
Eligible Jurisdiction Annual Budget - TA
City of Glendale
$348,548.00
Category
Exhibit 1
230 of 230

Glendale City CouncilJune 30, 2026

Glendale City Council
June 30, 2026