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Definitions and Descriptions <br />Definitions <br />Term <br />Definition <br />Blighted Structure <br />In accordance with Section 33031 of the California Redevelopment Law, the <br />City of Santa Ana will define blighted structures in the following way: <br />"Buildings in which it is unsafe or unhealthy for persons to live or work. <br />These conditions may be caused by serious building code violations, serious <br />dilapidation and deterioration caused by long -term neglect, construction <br />that is vulnerable to serious damage from seismic or geologic hazards, and <br />faulty or inadequate water or sewer utilities." <br />Affordable Rents <br />The City of Santa Ana will define affordable rents in a manner consistent <br />with the requirements of the federal HOME Program for very low income <br />Housing Rehabilitation <br />rents: <br />Standards <br />"A rent that does not exceed 30 percent of the adjusted monthly income of a <br />family whose annual income equals 50 percent of the median income for the <br />area as determined by the U.S. Department of Housing and Urban <br />Development, with adjustments for household size and numbers of <br />bedrooms in the unit." <br />Descriptions <br />Term <br />Definition <br />Long -Term Affordability <br />In order to ensure continued affordability to the maximu7affordability <br />'practicable and fort fie longest fesible term for for -sa <br />propertiesit assists with NSP3 monies, the City will recor,covenantsthat <br />will run fbr -a period of45'years fo r ownerproperties <br />and 55 years for rental properties. In additionin <br />promissory notes and record trust deeds to secure the NSP3 funds it invests <br />in these for sale properties. These documents will have a 45 year term, and <br />will require, payment in full if the owner fails to comply with the terms of the <br />covenants. <br />Housing Rehabilitation <br />Standards <br />The City of Santa Ana has modified its existing NSP rehabilitation standards <br />so as to meet the new requirements established for NSP3. These newly <br />revised standards are attached to this Substantial Amendment as <br />Attachment 2. <br />Low - Income Targeting <br />Low - Income Set -Aside Amount <br />Identify the estimated amount of funds appropriated or otherwise made available under the NSP3 to <br />be used to provide housing for individuals or families whose incomes do not exceed 50 percent of <br />area median income. <br />Response: <br />Total low- income set -aside percentage (must be no less than 25 percent): 58.54% <br />NSP3 Substantial Amendment Page 2 <br />City of Santa Ana <br />