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American Community Services Program, and National Volunteer Program to Assist Small <br /> Business Experience, Service Corps of Retired Executive (SCORE) and Active Corps of <br /> Executives (ACE) <br /> 1.1.24 "Homebuyer" means an Eligible Household that has entered into are <br /> agreement to purchase an Affordable Unit in accordance with this Agreement, <br /> 1.1.25 "Household" means all the persons who will occupy the Affordable Unit <br /> as their primary residence. The size of a prospective Household must be compatible with the size <br /> of the Affordable Unit to be purchased. The minimum number of occupants is three (3) for the <br /> three bedroom units and two (2) for the two bedroom units. A child who is subject to a legally- <br /> binding shared-custody agreement, in which the child resides with the Household at least 50% of <br /> the time, is counted as a member of the Household. For the purpose of calculating the Household <br /> income and not the number of occupants, excluded from the definition. of Household are live-in <br /> caregivers/caretakers,foster children,unborn children and children being pursued for legal custody <br /> or adoption that are not currently living with the Household. <br /> 1.1.26 "Housing Cost" means and includes all of the following costs associated <br /> with ownership of an]nclusionaYy Unit as defined in Title 25 of the California Code of Regulations <br /> Section 6920: <br /> (a) Principal and interest on a mortgage loan at the defined interest rate; <br /> (b) Property tax and assessments; <br /> (c) Fire and casualty insurance covering replacement value of property <br /> improvements; <br /> (d) Property maintenance and repairs; <br /> (e) A reasonable utility allowance, as determined by the City; and <br /> (f) Homeowner Association assessments and dues. <br /> 1.1.27 "Median Income" means the Orange County, California area median <br /> income, adjusted for family size appropriate to the unit pursuant to California.Health and Safety <br /> Code § 500515(h), as periodically published by HCD. <br /> 1.1,28 "Very-Low Income Household(s)" means a Household whose income <br /> does not exceed fifty(50%)of the area median income for the Orange County, California PMSA, <br /> adjusted for household size, as published by HCD. <br /> 1.1.29 "Primary Residence" means that the Homebuyer is occupying the <br /> Affordable Unit for at least ten(10)months out of any twelve(12)month period, <br /> 1.1.30 "Project" means that certain affordable residential development as more <br /> particularly described in the Recitals and Section 2 of this Agreement. <br /> Page 6 <br /> 55394.O0 101\43423340.1 <br /> i <br />