75C - PH - FIRST AND PACIFIC PROJECT

Home Browse Search

Affordability Gap is equal to the difference between the Fair Market Value of the Inclusionary Unit and the Affordable Sales Price for the Inclusionary Unit at the time of acquisition by the Homebuyer. Affordability Period shall be defined for each Incluslonary Unit in the Inclusionary Housing Covenants Declaration recorded on legal title to that Inclusionary Unit. Affordable Housing Cost means the maximum costs that can be borne by Moderate Income Household based on the requirements imposed by H &SC Section 50052.5, The calculation methodology is described in Section VI of the Administrative Procedures Manual, Affordable Sales Price means the maximum sales price that can be charged for an Incluslonary Unit. The Affordable Sales Price is equal to the lesser of: 3. The sum of the Supportable Mortgage plus the Benchmark Down Payment: or, 1 The purchase price prospective buyers are willing to pay in return for purchasing a home that is subject to restrictive covenants, The statutorily set Affordable Sales Prices for the initial sale of each Inclusionary Unit are shown in Exhibit 8 to this Inclusionary Housing Agreement. The Affordable Sales Prices for Incluslonary Units shall be adjusted quarterly. Benchmark Frown Payment is a component of the Affordable sales Price calculations, For the purposes of these Administrative Procedures, the Benchmark Clown Payment is set at 5% of the total Affordable Sales Price, California Health and Safety Code ( "HSC ") provides definitions of household Income and affordable housing costs that are used In this Incluslonary Housing Agreement, City means the City of Santa Ana, California, City Approvals are defined as the entitlement approvals and the Incluslonary Housing Plan that must be approved by the Program director prior to the Issuance of building permits for the Project. City Council means the City of Santa Ana City Council_ Inclusionary hkousinq A,ffrpcmonk - Civmarshp fruajsc[ City of Santa Ana 75C -73 3