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4 “HUD” means the United States Department of Housing and Urban Development. “Income Computation and Certification” means a tenant Income Computation and Certification in the form attached as Exhibit B hereto or in such other comparable form as may be provided by the Issuer to the Borrower, or as otherwise approved by the Issuer. “Indenture” means the Indenture of Trust, dated as of November 1, 2006, between the Issuer and the Trustee, pursuant to which the Bonds have been issued, as amended f rom time to time. “Issuer” means the Housing Authority of the City of Santa Ana. “Loan” means the mortgage loan made to the Borrower pursuant to the Financing Agreement to provide refinancing for the acquisition and rehabilitation of the Project. “Loan Documents” has the meaning given to such term in the Indenture. “Lender” means Red Mortgage Capital, LLC, a Delaware limited liability company, its successors and assigns. “Low Income Tenants” means individuals or families with an Adjusted Income which does n ot exceed 40% of the Median Income for the Area, adjusted for household size. In no event, however, will the occupants of a residential unit be considered to be Low Income Tenants if all the occupants are students, as defined in Section 151(c)(4) of the Code, as such may be amended, no one of which is entitled to file a joint federal income tax return. “Low Income Units” means the dwelling units in the Project designated for occupancy by Low Income Tenants at Affordable Rents pursuant to Section 4(a) of this Regulatory Agreement. “Median Income for the Area” means the median income for the Area as most recently determined by the Secretary of the Treasury (which determination is required by Code Section 142(d)(2)(B) to be consistent with determinations of area median gross income under Section 8 of the United States Housing Act of 1937, or, if such program is terminated, under such program as in affect immediately before such termination). “Note” means the Multifamily Note executed by the Borrower in a principal amount equal to the principal amount of the Loan. “Prior Regulatory Agreement” means the Regulatory Agreement and Declaration of Restrictive Covenants, dated as of December 1, 1996, by and among the Issuer, the Borrower and First Trust of California, National Association, as original trustee, together with any amendments thereto or supplements thereof, recorded December 18, 1996 in the Official records of the County of Orange as Document Number 19960638397. “Program Administrator” means a governmental agency, a financial institution, a certified public accountant, an apartment management firm, a mortgage insurance company or other business entity performing similar duties or otherwise experienced in the administration of restrictions on bond financed multifamily housing projects which shall initially be the Issuer and, at the Issuer’s election, any other person EXHIBIT 1 4-8