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entered into for the purpose of providing for affordable residential rental units in the City of Santa Ana pursuant to the Agency Funds regulations and guidance. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, Agency and Developer agree as follows: 1. Definitions: "Affordable Housing" means the total housing costs paid by a qualifying household, which shall not exceed the fraction of gross income specified, as follows, in accordance with Sections 50052.5 and 50053 of the Health & Safety Code and the U.S. Department of Housing and Urban Development (HUD): Very Low -Income Households. Thirty (30) percent of the income of a household earning fifty (50) percent of the Orange County median income adjusted for family size appropriate for the unit. Low -Income Households. Thirty (30) percent of the income of a household earning seventy (70) percent of the Median Income for the Area for for -sale units, and thirty (30) percent of the income of a household earning sixty (60) percent of the Median Income for the Area for rental units, adjusted in either case for family size appropriate for the unit. In the event of a conflict between the fractions specified in this definition and those found in Sections 50052.5 and 50053 of the Health & Safety Code and HUD, the fractions specified by HUD shall control. "Affordable Rent" means the monthly rents which do not exceed the maximum amount applicable to Extremely Low, Very Low and Low Income households, as promulgated by the California Tax Credit Allocation Committee (TCAC), or by the State of California, as applicable. "Agency" means the Housing Authority of the City of Santa Ana, acting as the Housing Successor Agency, a public body, corporate and politic, exercising governmental functions and powers, and organized and existing under the CRL. The principal office of the Agency is located at 20 Civic Center Plaza, Santa Ana, California 92702. "Agency" shall also refer to the City where the context dictates, to the effect that City shall have all rights granted to the Agency hereunder. "Agency Deed of Trust" means the deed of trust encumbering the Property, in the form attached as Exhibit C to the Agreement, to be executed by Developer pursuant to Section 5.13.1 of the Agreement in order to secure the Agency Loan Note. "Agency Loan" means a loan in the original principal amount of up to four -million, seven -hundred thousand dollars ($4,700,000) to be made to Developer by the Agency to be funded exclusively from the Low and Moderate Income Housing Asset Fund held by the Agency. 80A-143