Agenda Packet_2024-07-16 (Revised)

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EXHIBIT 1 sales of such single-family homes will be restricted to income-qualified households for a period of at least forty-five (45) years. • Developer will have a local preference for families who live or work in the City of Santa Ana in the selection of low-income qualified buyers. • Developer will ensure that each "Program Participant" (used interchangeably with "Homebuyer") means the selected eligible person or Family who will be purchasing a House. Each Program Participant will be providing not less than five hundred (500) hours of sweat equity toward the development of their House, or any other improvements as may be designated by the Developer. Each Program Participant is to be selected by the Developer as more fully set forth in its Marketing Outreach and Sales Program. i • Developer's Program to develop affordable ownership opportunities with financial support from the City is subject to Chapter 11 B of the California Building Code as public housing. Accordingly, Developer's Program must comply with California Building Code section 11 B-233.3. Specifically, Developer's Program must comply with requirements for mobility features: "In facilities with residential dwelling units, at least 5 percent, but no fewer than one unit, of the total number of residential dwelling units shall provide mobility features." In addition, Developer's Program must also comply with requirements for communication features: "In public housing facilities with residential dwelling units, at least 2 percent, but no fewer than one unit, of the total number of residential dwelling units shall provide communication features complying with Section 11 B-809.5." Developer shall comply with these public housing requirements for their Program in the California Building Code by constructing one unit in the Project that includes the required mobility features and communication features. I • At the close of escrow for the purchase of each Affordable Unit, the City will require each Low Income Household purchasing such Unit to execute the following documents: i o Affordable Housing Resale Restrictions — The Affordable Housing Resale I Restrictions shall permit sales of an Affordable Unit sold to a Low Income Household only to a qualified Low Income Household with a local preference for families who live or work in the City of Santa Ana, in each case, at an Affordable Housing Cost; o Notice of Affordability on Transfer of Property — The Notice of Affordability on Transfer of Property shall be for a term of at least forty-five (45) years; o Promissory Note — The principal amount of the City Promissory Note shall be in an amount equal to the difference between the sales price of the Affordable Unit and the fair market value of such unit as if no restriction were placed thereon, as determined by the sales price of equivalent unrestricted units on the Sites at the time of such sale. If there are no equivalent unrestricted units on the Sites at the time of sale, the fair market value of City Council 12 — 11 7/16/2024