75A - PH AFFORDABLE HOUSING - Laserfiche WebLink

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EXHIBIT 4 1.1.3 "Affordable Rent Schedule" means a rent schedule established as of the date of issuance of an occupancy permit (exclusive of tenant utility payments or security deposits) for the required number/percentage of the total number of units in the Project which are to be rented or available for rent to very low or low income tenants. Said Affordable Rent Schedule shall be established at the time of the issuance of the occupancy permit ("Initial Rent Schedule") and shall be created in accordance with the Orange County, California Primary Metropolitan Statistical Area ("PMSA") as published by the United States Department of Housing and Urban Development ("HUD"), adjusted for family size appropriate to the unit. 1.1.4 "Affordable Units" means ninety-two (92) units which shall be comprised of thirty 30 one (1) bedroom Units, forty-one 41 two (2) bedroom Units, and twenty-two (22) three (3) bedroom Units of which one (1) will be an Unrestricted Unit (i.e. one (1) manager's unit). 1.1.5 "Agreement" means this Density Bonus Housing Agreement. 1.1.6 "Base Units" means the fifty-one (51) Units that Developer would be authorized to develop on the Property without application of the State Density Bonus Law and City Housing Opportunity Ordinance density bonus. 1.1.7 "City" means the City of Santa Ana, California 1.1.8 "City Council" means the City Council of the City of Santa Ana. 1.1.9 "City Attorney" means the City Attorney for the City of Santa Ana. 1.1.10 "City Manager" means the City Manager for the City of Santa Ana. 1.1.11 "City's Planning Commission" means the Planning Commission for the City of Santa Ana. 1.1.12 "Density Bonus Housing Agreement Term" means the period during which this Agreement shall be in full force and effect, as provided for in Section 6.1 below. 1.1.13 "Density Bonus Units" means the forty-two (42) Units in addition to the Base Units that Developer shall develop pursuant to the density allowance in the State Density Bonus Law, the City Housing Opportunity Ordinance density bonus, and the terms and conditions of this Agreement, of which Developer would not be entitled to develop without providing the Affordable Units. 1.1.14 "Developer" means National Community Renaissance of California, and its permitted successors and assigns to all or any part of the Property. 1.1.15 "Effective Date" means the date the City Council of City approves this Agreement and from then on this Agreement shall be in full force and effect. 75A-35