Laserfiche WebLink
10/1 /08 <br />(30%) of the gross income of such purchaser. Such housing costs (including mortgage <br />payments, a reasonable utility allowance and similar costs) shall not exceed the <br />maximum amount applicable to lower income households pursuant to California Health <br />and Safety Code Section 50052.5. Such housing costs (including mortgage payments, a <br />reasonable utility allowance and similar costs} shall not exceed the maximum amount <br />applicable to lower income households pursuant to California Health and Safety Code <br />Section 50052.5(b)(3). <br />"Affordability Restrictions on Transfer of Property" means the document <br />containing the covenants and restrictions pertaining to affordability of the Units for a <br />term of 45 years running with the land, to be executed by the Agency and the home <br />buyer(s) and recorded against each of the Properties. Said Agreement is attached hereto <br />and incorporated herein, along with the legally required Notice, as Exhibit B. <br />"Affordable Units" means the "Lower Income Affordable Units" to be <br />constructed and sold at an Affordable Housing Cost, as set forth in Section 403 hereof. <br />"Agency" means the Community Redevelopment Agency of the City of Santa <br />Ana, a public body, corporate and politic, exercising governmental functions and powers <br />and organized and existing under Chapter 2 of the Community Redevelopment Law of <br />the State of California (Health and Safety Code §33000 et sue.), and any assignee of or <br />successor to its rights, powers and responsibilities. <br />"Agency's Conditions Precedent" means the conditions precedent to the Closing <br />to the benefit of the Agency, as set forth in Section 205.1 hereof. <br />"Agreement" means this Disposition and Development Agreement between the <br />Agency and the Developer. <br />"Area Median Income" means the median income figures for Orange County, <br />California, PMSA adopted by the State of California pursuant to Health and Safety Code <br />section 50093, as amended from time to time. Also may be referred to interchangeably <br />as"AMI". <br />"City" means the City of Santa Ana, a charter city and municipal corporation. <br />"Closing" means the close of escrow for the conveyance of the Sites from the <br />Agency to the Developer, as set forth in Section 202.4 hereof. <br />"Closing Date" means the date of the Closing, as set forth in Section 202.4 hereof. <br />"Condition of Title" is defined in Section 203 hereof. <br />"Conveyance" means the conveyance of the Sites to Developer by recordation of <br />the Grant Deed from the Agency. <br />2 <br />