80B - JOINT - FIVE-YR IMPLEMENTATION PLAN

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HUD -The U.S. Department of Housing and Urban Development. E ltablished by the Housing and Urban Development Act of 1965 to supersede the Housing and Home Finance Agency. Responsible for the implementation and administration of government housing and urban development programs includes community planning and development, housing production and mortgage credit (FHA), equal opportunity in housing, research, and technology. Inclusionary Zoning - In general, a local ordinance requiring that a developer of new housing produce a specified number of affordable dwelling units as a condition of the right to develop. Infrastructure - Public improvements which support development, including street improvements, lighting, sewers, flood control facilities, water lines, and gas lines. Jurisdiction -A State or unit of general local government. Large Household - A household with five or more members. Lead-based Paint Hazards - A lead-based paint hazards as defined in part 35, subpart B of Title X. Leverage - Funds from non-public sources that are contributed to a project. For example, Redevelopment Agency funds invested in a project would be said to be leveraged by private donations or conventional loans contributed to that same project. LIHTC - Low Income Housing Tax Credit. Loan Guarantee - A commitment to a lender that the guaranteed portion of a loan will be repaid if the borrower defaults. VA loans are guaranteed loans. Low-Income Household - Defined as a household earning between 51% and 80% of the area median (as adjusted for household size by HUD). Low Income Housing Tax Credits - Program established by the Federal and California State governments that provides income tax reduction for investors in the low-income housing. Low- and Moderate-Income Households - Households whose incomes are between 0% and 120% of the median income for the area, or as adjusted by HUD. The income range varies by program. Market Value - What a willing seller could reasonably expect to receive if he/she were to sell his/her property on the open market to a willing buyer. MCC - Mortgage Credit Certificate Program, a federal program to assist first time homebuyers. Median Income - The level above which 50% of the households have a higher income and 50% of the households have a lower income. Mixed-Use Project - Developments that combine uses, such as retail on the ground floor and residential above. Santa Ana Community Redevelopment Agency Implementation Plan July 1, 2010 to June 30, 2015 For the Merged Santa Ana Redevelopment Project MB-69 Appendix B - 7