SANTA ANA 8 INV. LLC - Laserfiche WebLink

Home Browse Search

D. The Project complies with the affordability requirements for a housing development as set forth in the State Density Bonus Law and City Density Bonus for Affordable Housing. E. In light of the purpose of the State Density Bonus Law and City Density Bonus for Affordable Housing, and the express provisions of Government Code Section 65915(d)(2)(A), the City has determined that the Project is eligible for one (1) incentive or concession,and waivers as prescribed by the State Density Bonus Law, F. This Agreement, and the exhibits attached hereto and incorporated herein by reference, are intended to set forth the terms and conditions for the implementation of the Proj ect's requirement to provide affordable housing units in exchange for receiving the density bonus, concession and waivers set forth herein. NOW,THEREFORE, in consideration of the above recitals,which are incorporated herein by this reference, and of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. DEFINITIONS AND EXHIBITS 1.1 Definitions. In addition to the terms that may be defined elsewhere in this Agreement, the following terms when used in this Agreement shall be defined as follows: 1.1.1 "Affordability Covenants"means restrictions on the sale and conveyance of the Property pursuant to California Government Code Section 65915 that ensure that the Property will be preserved for Moderate Income Households for at least fifty-five (55) years for owner-occupied housing units and will be sold or resold only to persons or families of very low, low, or moderate income, as defined in Section 50052.5 of the California Health and Safety Code. 1.1.2 "Adjusted for Family Size Appropriate to the Unit" or "Adjusted for Household Size"shall have the meaning set forth by Health and Safety Code Section 50052.5(h). 1.1.3 "Administrative Procedures Manual" shall mean the City's Administrative Procedures Manual: Ownership Housing Development, setting forth rules and regulations for the City's homeownership program. 1.1.4 "Affordability Term" means the duration of the Affordability Covenants as set forth in Section 3.1. 1.1.5 "Affordable Housing Cost" means the total housing costs paid by a qualifying Moderate Income Household in accordance with California Health and Safety Code Section 50052.5, and implementing regulations of Sections 6920,6924 and 6930 of Title 25 of the California Code of Regulations for Moderate Income Households. The Affordable Housing Cost shall not exceed thirty-five percent (35%) times one hundred ten percent (110%) of the Orange County Median Income Adjusted for Family Size Appropriate for the Unit. For Moderate Income Households whose gross income exceeds 110% of Median Income, the Affordable Housing Cost shall not exceed thirty five percent(35%) of the gross income of the household. Page 2 55394.00101143721567.1