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<br />Ordinance No. NS-XXX <br />Page 4 of 14 <br /> <br /> <br /> <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 moderate-income households, at an affordable housing <br />cost, in compliance with this article. <br /> Low-income units, very low-income units, and extremely low-income units means <br />inclusionary units restricted to occupancy by low, very low, and extremely low-income <br />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 /> <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 /> The conversion of five (5) or more existing residential rental units to <br /> condominium ownership. <br /> <br /> Target area means that area designated by the city from time to time, on an as- <br />needed basis, as a priority area for rehabilitation due to health and safety concerns.