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CITY COUNCIL DRAFT <br /> D. The Project complies with the affordability requirements for a housing <br /> development as set forth in the State Density Bonus Law and City Density Bonus <br /> for Affordable Housing. <br /> E. In light of the purpose of the State Density Bonus Law and City Density Bonus for <br /> Affordable Housing, and the express provisions of Government Code Section <br /> 65915(d)(2)(A), the City has determined that the Project is eligible for one (1) <br /> incentive or concession,and waivers as prescribed by the State Density Bonus Law. <br /> F. This Agreement, and the exhibits attached hereto and incorporated herein by <br /> reference, are intended to set forth the terms and conditions for the implementation <br /> of the Project's requirement to provide affordable housing units in exchange for <br /> receiving the density bonus, concession and waivers set forth herein. <br /> NOW,THEREFORE,in consideration of the above recitals,which are incorporated herein <br /> by this reference, and of the mutual covenants contained herein, and for other good and valuable <br /> consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as <br /> follows: <br /> 1. DEFINITIONS AND EXHIBITS <br /> 1.1 Definitions. In addition to the terms that may be defined elsewhere in this <br /> Agreement,the following terms when used in this Agreement shall be defined as follows: <br /> 1.1.1 "Affordability Covenants"means restrictions on the sale and conveyance <br /> of the Property pursuant to California Government Code Section 65915 that ensure that the <br /> Property will be preserved for Moderate Income Households for at least fifty-five (55) years for <br /> owner-occupied housing units and will be sold or resold only to persons or families of very low, <br /> low, or moderate income, as defined in Section 50052.5 of the California Health and Safety Code. <br /> 1.1.2 "Adjusted for Family Size Appropriate to the Unit" or "Adjusted for <br /> Household Size" shall have the meaning set forth by Health and Safety Code Section 50052.5(h). <br /> 1.1.3 "Administrative Procedures Manual" shall mean the City's <br /> Administrative Procedures Manual: Ownership Housing Development, setting forth rules and <br /> regulations for the City's homeownership program. <br /> 1.1.4 "Affordability Term" means the duration of the Affordability Covenants <br /> as set forth in Section 3.1. <br /> 1.1.5 "Affordable Housing Cost" means the total housing costs paid by a <br /> qualifying Moderate Income Household in accordance with California Health and Safety Code <br /> Section 50052.5, and implementing regulations of Sections 6920, 6924 and 6930 of Title 25 of the <br /> California Code of Regulations for Moderate Income Households. The Affordable Housing Cost <br /> shall not exceed thirty-five percent (35%) times one hundred ten percent (110%) of the Orange <br /> County Median Income Adjusted for Family Size Appropriate for the Unit. For Moderate Income <br /> Households whose gross income exceeds 110% of Median Income, the Affordable Housing Cost <br /> shall not exceed thirty five percent(35%) of the gross income of the household. <br /> Page 2 <br /> 5 53 94.00 10 1\43 7215 67.2 <br /> Resolution No. 2025-013 <br /> Page 8 of 87 <br />