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01-14-19_AGENDA PACKET
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01-14-19_AGENDA PACKET
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2 <br /> <br />housing development incentives for production of affordable units on-site. Specifically, Santa Ana <br />Municipal Code section 41-1904.1 includes a density bonus concession up to a maximum of thirty- <br />five percent (35%) to provide affordable housing options for residents of the City of Santa Ana. <br />F. For the purpose of implementing State Density Bonus Law, City Density Bonus for <br />Affordable Housing, and City Housing Opportunity Ordinance concessions in response to <br />Developer’s request for two (2) density bonuses, as well as additional concessions and incentives, <br />Developer has agreed to restrict ninety-two (92) Units in the Project, except for one (1) manager’s <br />unit, to Eligible Households, which includes Very Low Income and Low Income Tenants. <br /> <br />G. The Project complies with the affordable housing requirements set forth in the State <br />Density Bonus Law, City Density Bonus for Affordable Housing, and City Housing Opportunity <br />Ordinance. For purposes of this Agreement, the Project shall be the “housing development” as <br />defined in the State Density Bonus Law. <br /> <br />H. In light of the purpose of the State Density Bonus Law, City Density Bonus for <br />Affordable Housing, and City Housing Opportunity Ordinance, and the express provisions of <br />Government Code section 65915(n), as well as Santa Ana Municipal Code section 41-1904.1, the <br />City has determined to grant Developer’s application for density bonuses and related concessions <br />and incentives. <br /> <br />I. This Agreement, and the exhibits attached hereto and incorporated herein by <br />reference, is intended to set forth the terms and conditions for the implementation of the Project’s <br />requirement to provide affordable housing units in exchange for receiving the Density Bonus Units <br />and additional concessions and incentives set forth herein. <br /> <br />J. The Developer has paid the City’s Density Bonus Setup fee in the amount of <br />$46,705.86. <br /> <br />NOW, THEREFORE, in consideration of the above recitals, which are incorporated herein <br />by this reference, and of the mutual covenants contained and for other good and valuable <br />consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as <br />follows: <br /> <br />1. DEFINITIONS AND EXHIBITS <br /> <br />1.1 Definitions. In addition to the terms that may be defined elsewhere in this <br />Agreement, the following terms when used in this Agreement shall be defined as follows: <br /> <br />1.1.1 "Adjusted for family size appropriate to the unit" shall have the <br />meaning set forth in Section 42(g)(2)(C)(i) and (ii) of the Internal Revenue Code of 1986, as <br />amended from time to time, in administering the low income housing tax credit program. <br /> <br />1.1.2 "Affordable Rent" means the maximum Monthly Rent that may be <br />charged to and paid by an Eligible Household for the Affordable Units, as required by the terms <br />of this Agreement. <br /> <br />1-46
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