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Affordable Housing Cost 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 />Affordable Sales Price means the maximum sales price that can be charged for <br />an Inclusionary Unit. The Affordable Sales Price is equal to the lesser of: <br />1. The sum of the Supportable Mortgage plus the Benchmark Down <br />Payment; or <br />2. The purchase price prospective buyers are willing to pay in return for <br />purchasing a home that is subject to restrictive covenants. <br />The statutorily set Affordable Sales Prices for the initial sale of each Inclusionary <br />Unit are shown in Exhibit 8 to this Inclusionary Housing Agreement. The <br />Affordable Sales Prices for Inclusionary Units shall be adjusted quarterly. <br />Benchmark Down Payment is a component of the Affordable Sales Price <br />calculations. For the purposes of these Administrative Procedures, the <br />Benchmark Down Payment is set at 5% of the total Affordable Sales Price. <br />California Health and Safety Code ( "HSC ") provides definitions of household <br />income and affordable housing costs that are used in this Inclusionary Housing <br />Agreement. <br />City means the City of Santa Ana, California. <br />City Approvals are defined as the entitlement approvals and the Inclusionary <br />Housing Plan that must be approved by the Program Director prior to the <br />issuance of building permits for the Project. <br />City Council means the City of Santa Ana City Council. <br />City Deed of Trust means a deed of trust, that secures the Owner's obligation to <br />comply with the obligations imposed by the Inclusionary Housing Covenant <br />Declaration. <br />Default means the failure of a Party to perform any action or covenant required <br />by this Inclusionary Housing Agreement within the time period provided herein <br />following notice and opportunity to cure, as set forth in Article 3 — Section I of this <br />Inclusionary Housing Agreement. <br />Inclusionary Housing Agreement - Ownership Project Page 3 <br />City of Santa Ana <br />