Item 12 - Agreements for Habitat for Humanity of Orange County Affordable Ownership Units

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Habitat for Humanity of Orange County Affordable Ownership Units July 16, 2024 Page 6 To proactively address any neighborhood parking impacts that could result from the Project, the conditions of approval for the Tentative Tract Map and terms of the Density Bonus Agreement include provisions requiring the following parking management practices, to be incorporated into the final, recorded CC&Rs, and applicable throughout the life of the Project: Requiring onsite parking permits (such as stickers or hang -tags) for any parking in the surface guest parking spaces; Policies for maximum time vehicles may be parked in the surface guest spaces; and • Policies for towing unauthorized vehicles; vehicles parked in unauthorized locations, such as fire lanes; vehicles parking in surface guest parking without a sticker, hang -tag, or other identifiers; and vehicles parked longer than any maximum guest parking timeframes allowed. Key Terms The Density Bonus Agreement includes the following key terms: • Term of Agreement: Forty-five (45) years from the date of issuance of the Certificate of Occupancy for the Project. • Project: Habitat for Humanity shall develop three new duplex buildings that would accommodate six 100% affordable, for sale residential units. The units shall be affordable to low-income households earning less than 80% AMI. • Affordability: All six units are proposed to be affordable to low-income households earning less than 80% AMI as published by the California Department of Housing and Community Development ("HCD"). • Local Preference: Habitat for Humanity shall give a local preference in selecting homebuyers to Santa Ana residents who live or work in the City for at least 32 hours per week for six months, those seeking residence due to a disability, or households with students attending public school in the City. • Occupancy Levels: The minimum number of occupants is three. The maximum number of occupants is eight. • Homebuyers: Each homebuyer shall enter into a Homebuyer Loan Agreement with the City to memorialize a loan from the City to homebuyer in the amount equal to the difference between (a) the affordable sales price for the affordable unit and (b) the fair market value of the affordable unit without any restrictions on affordability or resale price, which amount shall be the amount of the City Promissory Note. Each homebuyer shall execute the Affordable Housing Resale Restrictions, the City Deed of Trust, and the Notice of Affordability Restrictions, each of which shall be recorded against the affordable unit. The Affordable Housing Resale Restrictions for each initial sale from Habitat for Humanity to a homebuyer shall also include an equity sharing agreement in accordance with California Government Code § 65915(c)(2)(A).