Laserfiche WebLink
EXHIBIT 1 <br />sales of such single-family homes will be restricted to income -qualified households <br />for a period of at least forty-five (45) years. <br />• Developer will have a local preference for families who live or work in the City of <br />Santa Ana in the selection of low-income qualified buyers. <br />Developer will ensure that each "Program Participant" (used interchangeably with <br />"Homebuyer") means the selected eligible person or Family who will be purchasing <br />a House. Each Program Participant will be providing not less than five hundred <br />(500) hours of sweat equity toward the development of their House, or any other <br />improvements as may be designated by the Developer. Each Program Participant <br />is to be selected by the Developer as more fully set forth in its Marketing Outreach <br />and Sales Program. <br />Developer's Program to develop affordable ownership opportunities with financial <br />support from the City is subject to Chapter 11 B of the California Building Code as <br />public housing. Accordingly, Developer's Program must comply with California <br />Building Code section 11 B-233.3. Specifically, Developer's Program must comply <br />with requirements for mobility features: "In facilities with residential dwelling units, <br />at least 5 percent, but no fewer than one unit, of the total number of residential <br />dwelling units shall provide mobility features." In addition, Developer's Program <br />must also comply with requirements for communication features: "in public housing <br />facilities with residential dwelling units, at least 2 percent, but no fewer than one <br />unit, of the total number of residential dwelling units shall provide communication <br />features complying with Section 11 B-809.5." Developer shall comply with these <br />public housing requirements for their Program in the California Building Code by <br />constructing one unit in the Project that includes the required mobility features and <br />communication features. <br />• At the close of escrow for the purchase of each Affordable Unit, the City will require <br />each Low Income Household purchasing such Unit to execute the following <br />documents: <br />o _Affordable Housing Resale Restrictions — The Affordable Housing Resale <br />Restrictions shall permit sales of an Affordable Unit sold to a Low Income <br />Household only to a qualified Low Income Household with a local <br />preference for families who live or work in the City of Santa Ana, in each <br />case, at an Affordable Housing Cost; <br />o Notice of Affordability on Transfer of Property — The Notice of Affordability <br />on Transfer of Property shall be for a term of at least forty-five (45) years; <br />o Promissory Note — The principal amount of the City Promissory Note shall <br />be in an amount equal to the difference between the sales price of the <br />Affordable Unit and the fair market value of such unit as if no restriction were <br />placed thereon, as determined by the sales price of equivalent unrestricted <br />units on the Sites at the time of such sale. If there are no equivalent <br />unrestricted units on the Sites at the time of sale, the fair market value of <br />