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DRAFT <br />American Community Services Program, and National Volunteer Program to Assist Small <br />Business Experience, Service Corps of Retired Executive (SCORE) and Active Corps of <br />Executives (ACE) <br />1.1.24 "Homebuyer" means an Eligible Household that has entered into an <br />agreement to purchase an Affordable Unit in accordance with this Agreement. <br />1.1.25 "Household" means all the persons who will occupy the Affordable Unit <br />as their primary residence. The size of a prospective Household must be compatible with the size <br />of the Affordable Unit to be purchased. The minimum number of occupants is three (3) for the <br />three bedroom units and two (2) for the two bedroom units. A child who is subject to a legally - <br />binding shared -custody agreement, in which the child resides with the Household at least 50% of <br />the time, is counted as a member of the Household. For the purpose of calculating the Household <br />income and not the number of occupants, excluded from the definition of Household are live-in <br />caregivers/caretakers, foster children, unborn children and children being pursued for legal custody <br />or adoption that are not currently living with the Household. <br />1.1.26 "Housing Cost" means and includes all of the following costs associated <br />with ownership of an lnclusionary Unit as defined in Title 25 of the California Code of Regulations <br />Section 6920: <br />improvements; <br />(a) Principal and interest on a mortgage loan at the defined interest rate; <br />(b) Property tax and assessments; <br />(c) Fire and casualty insurance covering replacement value of property <br />(d) Property maintenance and repairs; <br />(e) A reasonable utility allowance, as determined by the City; and <br />(i) Homeowner Association assessments and dues. <br />1.1.27 "Median Income" means the Orange County, California area median <br />income, adjusted for family size appropriate to the unit pursuant to California Health and Safety <br />Code § 50052.5(h), as periodically published by HCD. <br />1.1.28 "Very -Low Income Household(s)" means a Household whose income <br />does not exceed fifty (50%) of the area median income for the Orange County, California PMSA, <br />adjusted for household size, as published by HCD. <br />1.1.29 "Primary Residence" means that the Homebuyer is occupying the <br />Affordable Unit for at least ten (10) months out of any twelve (12) month period. <br />1.1.30 "Project" means that certain affordable residential development as more <br />particularly described in the Recitals and Section 2 of this Agreement. <br />Page 6 <br />55394,00 10 1 \43423340.1 <br />