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PLANNING COMMISSION DRAFT <br />SUBJECT TO CITY COUNCIL APPROVAL <br />1.1.4 "Affordability Term" means the duration of the Affordability Covenants <br />as set forth in Section 3-.23.1. <br />1.1.5 "Affordable Housing Cost" means the total housing costs paid by a <br />qualifying Moderate Income Household in accordance with California Health and Safety Code <br />Section 50052.5. <br />1.1.6 "Affordable Housing Resale Restrictions" means the restrictions <br />imposed on each Affordable Unit that restrict sales to qualified Eligible Households pursuant to <br />a local preference for families who live or work in the City of Santa Ana at an Affordable Sales <br />Price, in the form of Exhibit B attached hereto. <br />1.1.7 "Affordable Sales Price" means the maximum sales price that can be <br />charged for an Affordable Unit as set forth in Section 3-13.3.2. <br />1.1.8 "Affordable Units(s)" means the five (5) unit(s), which shall comprise of <br />four (4) three -bedroom units and one (1) four -bedroom unit, which always must be proportionate <br />to the unit mix for the property. Any change to the number, bedroom size, or distribution of <br />Affordable Units is subject to City Manager approval. <br />1.1.9 "Agreement" means this Density Bonus Housing Agreement With <br />Declaration of Covenants, Conditions and Restrictions. <br />1.1.10 "Benchmark Down Payment" is a component of the Affordable Sales <br />Price calculations. For the purposes of this Agreement, the Benchmark Down Payment is set at <br />5% of the total Affordable Sales Price. The Benchmark Down Payment is used solely as a <br />component for determining the Affordable Sales Price for an Affordable Unit. It does not <br />represent a cap on the down payment amount that can be contributed by a Homebuyer. <br />1.1.11 "City" means the City of Santa Ana, California. <br />1.1.12 "City Attorney" means the City Attorney for the City of Santa Ana. Shaw, Claudia [SC1] December 5, <br />2024 08:17 AM <br />1.1.13 "City Council" means the City Council of the City of Santa Ana. The City does not __.__ ;_,o _ Deed <br />withT«..1....:......... D......... <br />1.1.14 "City Manager" means the City Manager for the City of Santa Ana. <br />1.1.15 "City's Planning Commission" means the Planning Commission for the <br />City of Santa Ana. <br />1.1.16 "Declaration of Inclusionary Housing Covenants, Resale Restrictions <br />and City's Option to Purchase Agreement" ("Declaration of Resale Restrictions") means <br />the resale restrictions for prospective buyers in the form attached hereto as Exhibit B. <br />1.1.17 "Density Bonus Application" shall mean the Density Bonus Application <br />No. XXXXX for the Project. <br />55394.00101\n^^^'�.-.a4,7 ' 42998272.1 <br />