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CITY COUNCIL DRAFT <br />1.1.20 "Developer" means Santa Ana 8 Inv, LLC, a Delaware limited liability <br />company, and its permitted successors and assigns to all or any part of the Property, Project or this <br />Agreement. <br />1.1.21 "Effective Date" means the date the Developer and the City shall record or <br />cause to be recorded in the Official Records for Orange County, California, an executed original <br />of this Agreement, pursuant to Section 4.2 herein. <br />1.1.22 "Eligible Household" means a Household whose income does not exceed <br />the "Moderate Income Household" qualifying limit as defined herein. <br />1.1.23 "First Lien" means the lien of the institution making the purchase money <br />mortgage loan to Homebuyer for the purchase of an Affordable Unit. For the avoidance of doubt, <br />the City's Deed of Trust shall be subordinate to the First Lien. <br />1.1.24 "Gross Household Income" means all income from whatever source from <br />all adult Household members, which is anticipated to be received during the 12-month period <br />following the date of the determination of Gross Household Income. The applicable sources of <br />income are defined in California Code of Regulations Title 25 Housing and Community <br />Development Section 6914. The definition includes the following specific requirements: <br />(a) Except as provided in subdivision (b), all payments from all sources <br />received by the head of Household (even if temporarily absent) and each additional member of the <br />Household who is not a minor shall be included in the annual income of a Household. Gross <br />Household Income shall include, but not be limited to: <br />(i) The gross amount, before any payroll deductions, of wages <br />and salaries, overtime pay, commissions, fees, tips and bonuses; <br />(ii) The net income from operation of a business or profession <br />or from rental or real or personal property (for this purpose, expenditures for business expansion <br />or amortization of capital indebtedness shall not be deducted to determine the net income from a <br />business); <br />(iii) Interest and dividends; <br />(iv) The full amount of periodic payments received from social <br />security, annuities, insurance policies, retirement funds, pensions, disability or death benefits and <br />other similar types of periodic receipts (but see subdivision (2)(c)); <br />(v) Payments in lieu of earnings, such as unemployment and <br />disability compensation, worker's compensation and severance pay; <br />(vi) Public Assistance. If the public assistance payment includes <br />an amount specifically designated for shelter and utilities which is subject to adjustment by the <br />public assistance agency in accordance with the actual cost of shelter and utilities, the amount of <br />public assistance income to be included as income shall consist of: <br />Page 4 <br />5 53 94.0010 1 \43721567.2 <br />