75A - PH AFFORDABLE HOUSING - Laserfiche WebLink

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EXHIBIT 4 1.1.16 "Eligible Household" means a Household whose income does not exceed the qualifying limit for a "very low income tenant" or "lower income tenant" as defined herein, which means persons and families whose income does not exceed the qualifying limit for very low income or lower income households. 1.1.17 "Household" means all persons residing in a Unit. 1.1.18 "Low Income Tenant" means persons and families whose income does not exceed eighty percent (80%) area median income for the Orange County, California PMSA, adjusted for household size appropriate to the unit, as published by the California Tax Credit Allocation Committee. 1.1.19 "Median Income" means the Orange County, California area median income, adjusted for family size appropriate to the unit, as periodically published by the California Tax Credit Allocation Committee. 1.1.20 "Monthly Rent" means the total of monthly payments for (a) use and occupancy of each Affordable Unit and land and facilities associated therewith, (b) any separately charged fees or service charges assessed by Developer which are required of all tenants, other than security deposits, application fees or credit check fees (c) a reasonable allowance for an adequate level of service of utilities not included in (a) or (b) above, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refrigeration fuels, but not including telephone or cable service, and (d) possessory interest taxes or other fees or charges assessed for use of the land and facilities associated therewith by a public orprivate entity other than Developer. In the event that certain utility charges are paid by the landlord rather than the tenant, no utility allowance shall be deducted from the rent for that type of utility charge. 1.1.21 "Project" means that certain residential development as more particularly described in Recital C and Section 2 of this Agreement. 1.1.22 "Property" means that certain real property more particularly described in the legal description in Exhibit A and improvements thereon. 1.1.23 "State Density Bonus Law" means Government Code sections 65915, et seq., as they exist on the Effective Date. 1.1.24 "Unit" means a residential dwelling unit within the Project to be constructed by Developer pursuant to this Agreement. 1.1.25 "Unrestricted Units" means the Units within the Project to be constructed by Developer to a Household without restriction (i.e. —one (1) manager's unit). 1.1.26 "Very Low Income Tenant" means persons and families whose income does not exceed fifty (50%) of the area median income for the Orange County, California PMSA, adjusted for household size, as published by the California Tax Credit Allocation Committee. 0 75A-36