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<br />2 <br />9138-126780\1517029.2 <br />Bonus Law”), set forth a process to provide increased residential densities and incentives, <br />concessions, and waivers to property owners or developers who guarantee that a portion of their <br />residential development will be available to low income, very-low income, or senior (also known <br />as "qualified") households. These regulations are intended to materially assist the housing industry <br />in providing adequate and affordable housing for all economic segments of the community and to <br />provide a balance of housing opportunities for very-low income, low income and senior <br />households throughout the city. <br />E. The Project is proposing a total number of forty-eight (48) residential units, <br />including forty-seven (47) units for extremely-low income households and one manager’s unit. <br />The Project will provide 20 total onsite parking spaces or 0.42 spaces per unit. No parking <br />concession is requested or provided. <br /> <br />F. The Project complies with the affordable housing requirements set forth in the State <br />Density Bonus Law and City Density Bonus for Affordable Housing. For purposes of this <br />Agreement, the Project shall be the “housing development” as defined in the State Density Bonus <br />Law. <br /> <br />G. In light of the purpose of the State Density Bonus Law and City Density Bonus for <br />Affordable Housing, and the express provisions of Government Code Section 65915(d)(2)(B), the <br />City has determined to grant Developer’s application for one concession and one waiver. <br /> <br />H. This Agreement, and the exhibits attached hereto and incorporated herein by <br />reference, are 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 <br />concession and waiver set forth herein. <br /> <br />NOW, THEREFORE, in consideration of the above recitals, which are incorporated herein <br />by this reference, and of the mutual covenants contained herein, 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 by Health and Safety Code Section 50052.5(h). <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. The Affordable Rent shall be adjusted to reflect a reasonable utilities allowance <br />for utilities paid by the household using the Santa Ana Housing Authority Multi -Family Housing <br />Utility Allowance Schedule, and shall be updated no less than annually. <br /> <br />EXHIBIT 5