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New Construction: The construction of new housing, including, but not limited to, assembly of factory -built modular housing, or conventional on -site construction. Notice of Completion: Written notice issued by the owner of a project (or his or her agent) to notify concerned parties that all work on the project has been completed. Operating Reserve Account: An account established for the purpose of funding a deficit in the project's operation. Permanent Loan: A long-term (maturity period of 55 years) mortgage loan. Permanent loan financing is obtained after completion of construction, usually to repay the short-term (non- permanent) construction loan. Promissory Note: A "promise to pay" and evidence of an obligation of a borrower to the City for repayment of a Permanent Loan. Rehabilitation: Correction of local code violations and removal of health and safety hazards; upgrading of housing units to decent, safe and sanitary conditions to comply with the Housing Quality Standards promulgated by HUD and with local standards; repair or replacement of major building systems or components in danger of failure; and alterations, additions and improvements to expand the number of affordable units, or needed to improve the basic livability, energy efficiency, accessibility for the disabled, or security of the property, and to reduce overcrowding. Replacement Reserve Account: An account established for the purpose of funding major repairs or replacement of capital components of a budding which reach the end of their economic life and require replacement. Residual Receipts: The gross receipts from the property, less actual costs of operation, administration, maintenance, taxes, insurance, utilities, management, approved replacement and operating reserves, payments of principal and interest on loans senior to the City loan(s), and required debt service coverage. The amount of Residual Receipts shall be calculated based on the actual income and expenses set forth in the Annual Operating Budget required under the Regulatory Agreement or recorded Affordability Covenants, as approved by the City. Transitional Housing: A type of supportive housing used to facilitate the movement of homeless individuals and families to permanent housing. Typically, transitional housing is housing in which homeless people five for up to 24 months and receive supportive services that enable them to five more independently. The supportive services may be provided by the organization managing the housing or coordinated by them and provided by other public or private social service agencies. Very Low -Income Household: Households with incomes that do not exceed 50% 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 6 75B-71