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Inclusionary housing agreement means a legally binding agreement between the <br />developer and the city, in a form and substance satisfactory to the executive director <br />and the city attorney, and containing those provisions necessary to ensure that the <br />requirements of this article are satisfied, whether through the provision of inclusionary <br />units or through an approved alternative method. <br />Inclusionary housing fund means the fund created by the city in which all fees <br />collected in compliance with this article shall be deposited. <br />Inclusionary housing plan means the plan submitted by the developer, in a form <br />specified by the executive director, detailing how the provisions of this article will be <br />implemented for the proposed residential project. <br />Inclusionary unit means a dwelling unit that will be offered for sale or rent to <br />extremely low, very low, low, or Mede.r_A*e inne.memoderate-income households, at an <br />affordable housing cost, in compliance with this article. <br />Low-income units-apA-very low-income units, and extremely low-income units <br />means inclusionary units restricted to occupancy by low.-4r--very lowe, and <br />extremely low-income households, respectively, at an affordable housing cost. <br />Market rate units means dwelling units in a residential project that are not <br />inclusionary units. <br />Moderate -income units means inclusionary units restricted to occupancy by <br />moderate -income households at an affordable housing cost. <br />Prior project means any project for which an application was submitted and the <br />application was deemed complete prior to August 4, 2015. <br />Regulatory agreement means an agreement entered into between the City of <br />Santa Ana or the Santa Ana Community Development Agency and a developer by <br />which the developer covenants to keep certain housing units at an affordable housing <br />cost for a specified period of time. <br />Rehabilitated units/rehabilitation means the improvement of a unit in substandard <br />condition to a decent, safe and sanitary level. Units are in substandard condition when, <br />while they may be structurally sound, they do not provide safe and adequate shelter, <br />and in their present condition endanger the health, safety or well-being of the <br />occupants. <br />Residential project/project means any of the following: <br />A subdivision resulting in the creation of five (5) or more residential lots or <br />residential condominium units; or <br />The new construction of a project consisting of five (5) or more multi -family units; <br />or <br />The new construction of five (5) or more separate houses or dwelling units; or <br />Ordinance No. NS-XXX <br />Page 4 of 16 <br />City Council 1 - 18 7/26/2021 <br />