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FULL PACKET_2019-04-16
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FULL PACKET_2019-04-16
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Date
4/16/2019
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"Housing Authority" means the Housing Authority of the City of Santa Ana (CA093), a <br />public body, corporate and politic. <br />"HUD" means the United States (U.S.) Department of Housing and Urban Development, <br />and any successors or assigns thereof. <br />"Improvements" means all improvements and fixtures now and hereafter comprising <br />any portion of the Property, including, without limitation, landscaping, trees and plant materials; <br />and offsite improvements, as required through the City of Santa Ana Planning and Building <br />Agency entitlement process. <br />"Laws" means all statutes, laws, ordinances, regulations, orders, writs, judgments, <br />injunctions, decrees or awards of the United States or any state, county, municipality or other <br />Governmental Authority. <br />"Lien" means any lien, mortgage, pledge, security interest, charge or encumbrance of <br />any kind, including any conditional sale or other title retention agreement, any lease in the nature <br />thereof, and any agreement to give any lien or security interest. <br />"Loan Documents" or "Agency Loan Documents" means, collectively, the Agreement, <br />the Agency Promissory Note, the Agency Deed of Trust, and these Restrictions, and any other <br />agreement, document, or instrument that the Agency reasonably requires in connection with the <br />execution of these Restrictions or from time to time to effectuate the purposes of these <br />Restrictions. <br />"Low Income" means an adjusted income which does not exceed eighty percent (80%) <br />of the Median Income for the Area, adjusted for household size, as published by the U.S. <br />Department of Housing and Urban Development (HUD). <br />"Median Income for the Area" means the median income for Orange County, <br />California PMSA as most recently determined by HUD. Also may be referred to <br />interchangeably in the Agency Loan Documents as "Area Median Income" or "AMP'. <br />"Project" means the construction of the Improvements upon the Property by Developer <br />pursuant to the Agreement. <br />"Property" means the property that is located at 2223 West Fifth Street in the City of <br />Santa Ana, and as more fully described in the "Legal Description" of the Property attached as <br />Exhibit A to the Agreement. <br />"Restricted Units" means fifty (50) of the "Housing Units" at the Project shall and will <br />be restricted to affordable rents pursuant to the Maximum Rents published yearly by the <br />California Tax Credit Allocation Committee (TCAC) and referenced in the regulatory agreement <br />containing conditions, covenants and restrictions executed by Developer and TCAC for a period <br />not less than fifty-five (55) years recorded against the Project in the Official Records, County of <br />Orange, California. At least fifteen (15) of the Housing Units at the Project shall and will be <br />80A-145 <br />
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