60A - 4TH AND MAIN MIX USE DEVELOPMENT

Home Browse Search

Code sections 65915(p)(1) and 65915(p)(4), the Developer is seeking to provide onsite parking at the ratio of one (1) stall for studio or one -bedroom units, and two (2) stalls for two- to three - bedroom units. E. For the purpose of implementing this State Density Bonus Law onsite parking standards incentive, Developer has agreed to restrict five percent (11 units) in the Project to very low income households. F. The Project complies with the affordable housing requirements set forth in the State Density Bonus Law and City Density Bonus for Affordable Housing. For purposes of this Agreement, the Project shall be the "housing development" as defined in the State Density Bonus Law. G. In light of the purpose of the State Density Bonus and City Density Bonus for Affordable Housing, and the express provisions of Govermr. section 65915(p), the City has determined to grant Developer's application for densi I related onsite parking standards incentive. Ale H. This Agreement, and the exhibits atta' ncorporated herein by reference, are intended to set forth the terms and cc liti. , to-' ementation of the Project's requirement to provide affordable housing ur, xch receiving the density bonus incentive set forth herein. NOW, THEREFORE, in consi,' ecitals, which are incorporated herein by this reference, and of the m ained and for other good and valuable consideration, the receipt and s s hereby acknowledged, the parties agree as follows: 1. DEFINITIONS AY—� AN 1.1 Defini on to the terms that may be defined elsewhere in this Agreement, the following te. n used in this Agreement shall be defined as follows: 1.1.1 "Adjus ed for family size appropriate to the unit" shall have the meaning set forth by Health and Safety Code Section 50052.5(h). . 1.1.2 "Affordable Rent" means the maximum Monthly Rent that may be charged to and paid by an Eligible Household for the Affordable Units, as required by the terms of this Agreement. The Affordable Rent shall be adjusted to reflect a reasonable utilities allowance for utilities paid by the household using the Santa Ana Housing Authority Multi -Family Housing Utility Allowance Schedule, and shall be updated no less than annually. 1.1.3 "Affordable Rent Schedule" means a rent schedule established as of the date of issuance of an occupancy permit (exclusive of tenant utility payments or security deposits) for the required number/percentage of the total number of units in the Project which are to be rented or available for rent to very low income tenants. Said Affordable Rent Schedule shall be N 60A-185