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Exhibit A <br />Proposed Amendment to Santa Ana Housing Opportunity Ordinance <br />Sec. 41-1904 <br />(d) Inclusionary Housing Credits <br />A developer who provides more affordable housing units than required under this article may <br />credit the additional number of affordable housing units against future projects. Credits may be <br />transferred or sold to any other person or entity subject to compliance with following conditions: <br />1. The square footage of the excess inclusionary units shall equal 110% of the required <br />inclusionary units. In the event the square footage calculation yields less than 110%, the <br />difference shall be satisfied through the payment of an in -lieu fee, consistent with Section 41- <br />1904 (c). <br />2. A written agreement with the holder of the rights of the excess inclusionary units consenting <br />to the transfer of the credits. <br />3. Any credits must be applied to another development project within Santa Ana city <br />boundaries. For purposes of this section, "applied" shall mean that the credits are committed for <br />use at a development project and included in a developer's proposed inclusionary housing plan. <br />4. Inclusionary units receiving monetary subsidies through the city shall not receive credits <br />unless the city has been reimbursed for its financial assistance. <br />60E-36 <br />