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DEFINITION OF TERMS <br />As used in this Inclusionary Housing Covenants Declaration, the terms set forth <br />below shall have the following meanings: <br />Adjusted. Household Size Appropriate for the Unit is based on the H &SC <br />Section 50052.5 definition, and is only used in the Affordable Mousing Cost <br />calculations. For Affordable Housing Cost calculation purposes, the household <br />size is set at one person in the case of a studio unit, two persons in the case of a <br />one - bedroom unit, three persons in the case of a two- bedroom unit, four persons <br />In the case of a three - bedroom unit, and five persons in the case of a four - <br />bedroom unit. This household size standard is used in the Affordable Housing <br />Cost calculations; it is not an occupancy limit,. <br />Administrative Procedures means the Affordable Ownership blousing <br />Administrative Procedures promulgated by the Executive Director pursuant to the <br />Ordinance. <br />Administrative Procedures Manual is the Affordable Ownership Housing <br />Administrative Procedures Manual — Owner Requirements dated January 2015, <br />which has been prepared by the City for the implementation and enforcement of <br />the Ordinance. A copy of the Administrative Procedures Manual shall be <br />maintained on file With the City, and shall be provided to each Homebuyer of an <br />Inclusionary Unit, <br />Affordable Housing Cast means the maximum costs that can be borne by <br />Moderate Income Household based on the requirements imposed by H&SC <br />Section 50052.5. The calculation methodology is described In Section VI of the <br />Administrative Procedures Manual. <br />Affordability Period shall be set at 45 years in the Incluslonary Housing <br />Covenant Declaration recorded on legal title to the Inclusionary Unit. The <br />covenant period is set at 45 years fallowing the date of the first sale of the <br />Inclusionary Unit. <br />Affordable Sales Price means the maximum price that can be charged for an <br />Inclusionary Unit, The Affordable Sales Price Is equal to the lesser of; <br />The sum of the supportable Mortgage plus the Benchmark Clown <br />Payment; or <br />tnclusonary Housing Covenants ❑cGaTatinn _ - �-� 9 <br />ryn e 3 <br />CilyofSanCaAna January 2615 <br />75C -117 <br />