2025-013 - Density Bonus Agreement for Townhome Developent

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CITY COUNCIL DRAFT (viii) The value of coupon allotments for the purchase of food pursuant to the Food Stamp Act of 1964 which is in excess of the amount actually charged the eligible Household; (ix) Payments received pursuant to participation in the following volunteer programs under the ACTION Agency: (1) National Volunteer Antipoverty Programs which include VISTA, Service Learning Programs and Special Volunteer Programs. (c) National Older American Volunteer Programs for persons aged 60 and over which include Retired Senior Volunteer Programs, Foster Grandparent Program, Older American Community Services Program, and National Volunteer Program to Assist Small Business Experience, Service Corps of Retired Executive (SCORE) and Active Corps of Executives (ACE) 1.1.25 "Homebuyer" means an Eligible Household that has entered into an agreement to purchase an Affordable Unit in accordance with this Agreement. 1.1.26 "Homebuyer Documents" means the Affordable Housing Resale Restrictions, the City Promissory Note, and the City Deed of Trust. 1.1.27 "Household" means all the persons who will occupy the Affordable Unit as their primary residence. The size of a prospective Household must be compatible with the size of the Affordable Unit to be purchased. Unless otherwise approved in writing by the City, which the City may withhold in its reasonable discretion, the minimum number of occupants is three (3) for three-bedroom units and four (4) for four-bedroom units. A child who is subject to a legally- binding shared-custody agreement, in which the child resides with the Household at least 50% of the time, is counted as a member of the Household. For the purpose of calculating the Household income and not the number of occupants, excluded from the definition of Household are live-in caregivers/caretakers,foster children,unborn children and children being pursued for legal custody or adoption that are not currently living with the Household. 1.1.28 "Housing Cost" means and includes all of the following costs associated with ownership of an Inclusionary Unit as defined in Title 25 of the California Code of Regulations Section 6920: (a) Principal and interest on a mortgage loan at the defined interest rate; (b) Property tax and assessments; (c) Fire and casualty insurance covering replacement value of property improvements; (d) Property maintenance and repairs; (e) A reasonable utility allowance, as determined by the City; and Page 6 5 53 94.00 10 1\43 7215 67.2 Resolution No. 2025-013 Page 12 of 87