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acquisition and conversion of non-residential property to multifamily rental housing units; and/or new construction of housing units for rental housing. Extremely Low -Income Household: Households with incomes that do not exceed 30% of the Orange County area median income, adjusted for household size, as published by the U.S. Department of Housing and Urban Development (HUD) from time to time. Fair Market Rents: Maximum rents as published by HUD for the Housing Choice Voucher Program for Orange County, adjusted for unit size. Grant: Transfer of funds for purposes of financing the development of affordable housing, on the condition that grantee remains in full compliance with the Regulatory Agreement. Unlike a loan, the grant only becomes due and payable in the event that grantee is in default of the Regulatory Agreement. Nonprofit Housing Development Corporation (HDC): A private, nonprofit corporation with proven capacity to develop, own and operate housing, and which has a valid 501(c)(3) or (4) designation from the IRS. Limited Equity Cooperative: A form of ownership whereby the residents form a cooperative corporation which owns and manages the property, and where the return on residents' original equity is limited to no more than 10%, as defined in the California Health and Safety Code Section 33007.5. Loan Agreement: A loan of program funds for purposes of developing affordable housing with a Promissory Note secured by a Deed of Trust and Affordability Restrictions on the property. Qualified Developer: A non-profit or for -profit affordable housing developer with proven capacity to develop, own and operate affordable housing. Low -Income Household: Households with incomes that do not exceed 80% of Orange County area median income, adjusted for household size, as published by the U.S. Department of Housing and Urban Development (HUD) from time to time. Maximum Affordable Rent: A rent which does not exceed thirty percent (30%) of the maximum income level of the income group being served (see "Low and Moderate Income Households"), adjusted for unit size and utility costs. For Low and Moderate Income Housing Asset Fund: the Maximum Affordable Rent for households with incomes that do not exceed 120% of the area median income for Orange County shall be 30% of 110"/. of such median income. Moderate -Income Household: Households with incomes that do not exceed 120% of the Orange County area median income, adjusted for household size, as published by the U.S. Department of Housing and Urban Development (HUD) from time to time. Affordable Housing Funds Policies and Procedures Page 5 75B-70