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<br />1. Definitions: <br /> “Adjusted for family size appropriate to the unit" shall have the meaning set forth by <br />Health and Safety Code Section 50052.5(h). <br /> <br /> "Affordable Housing" means the total housing costs paid by a qualifying household, <br />which shall not exceed the fraction of gross income specified, as follows, in accordance with <br />Sections 50052.5 and 50053 of the Health & Safety Code and the U.S. Department of Housing <br />and Urban Development (HUD): <br /> <br />Very Low-Income Households. Thirty (30) percent of the income of a household earning <br />fifty (50) percent of the Orange County median income adjusted for family size <br />appropriate for the unit. <br /> <br />Extremely-Low Income Households. Thirty (30) percent of the income of a household <br />earning no more than thirty (30) percent of the Median Income for the Area for rental <br />units, adjusted for family size appropriate for the unit. <br /> <br />In the event of a conflict between the fractions specified in this definition and those found <br />in Sections 50052.5 and 50053 of the Health & Safety Code and HUD, the fractions <br />specified by HUD shall control. <br /> <br />"Affordable Rent" means the Health and Safety Code extremely low income rents <br />based on the calculation defined in Section 50053 and income limits published by the <br />Department of Housing and Community Development. <br /> <br />“Agency” means the Housing Authority of the City of Santa Ana, acting as the Housing <br />Successor Agency, a public body, corporate and politic, exercising governmental functions and <br />powers, and organized and existing under the CRL. The principal office of the Agency is located <br />at 20 Civic Center Plaza, Santa Ana, California 92702. “Agency” shall also refer to the City <br />where the context dictates, to the effect that City shall have all rights granted to the Agency <br />hereunder. <br /> <br />"Agency Deed of Trust" means the deed of trust encumbering the Property, in the form <br />attached as Exhibit C to the Agreement, to be executed by Developer pursuant to the Agreement <br />in order to secure the Agency Loan Note. <br /> <br />“Agency Loan” means a loan in the original principal amount of up to One Million Six <br />Hundred Fifty-Six Thousand Nine Hundred Forty-Seven and No/100 Dollars ($1,656,947.00) to <br />be made to Developer by the Agency to be funded exclusively from the Low and Moderate <br />Income Housing Asset Fund held by the Agency. <br /> <br />"Agency Promissory Note" means that certain promissory note for Agency Loan funds <br />in the original principal amount of $1,656,947.00 in the form attached as Exhibit D to the <br />Agreement, and to be executed by Developer in favor of Agency to evidence the obligation of <br />Developer to repay the Agency Loan as further described in the Agency Promissory Note. <br />EXHIBIT 4