25K - NEIGHBORHOOD STABILIZATION PROGRAM

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"Eligible Property" shall mean a property that the City shall in its sole discretion determines meets NSP Program Criteria. "Executive Director" means both the Deputy City Manager for Development Services, and the Executive Director of the Community Redevelopment Agency, or his/her designee. "Foreclosed" A property "has been foreclosed upon" at that point that, under state or local law, the mortgage or tax foreclosure is complete and the title has been transferred away from the former property owner. A property is not foreclosed until the title for the property has been transferred from the former property owner under a foreclosure proceeding or a transfer in lieu of foreclosure, in accordance with state or local law. "Hazardous Materials" means flammable materials, explosives, radioactive materials, hazardous wastes, toxic substances and similar substances and materials, including all substances and materials defined as hazardous or toxic wastes, substances or materials under any applicable law, including without limitation the Resource Conservation and Recovery Act, 42 U.S.C. 6901 et sec., and the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. 9601, et seq., as amended. "Homebuyer" shall be the qualified low or moderate income household that originally purchases the NSP Assisted Unit from the Developer. "Homebuyer Deed of Trust" means the deed of trust encumbering the NSP Assisted Unit, in the form attached hereto as Exhibit F to be executed by the Homebuyer at the time of sale. "Housing Rehabilitation Standards" NSP funded activities will adhere to the Housing Rehab Standards (attached hereto and incorporated herein as Exhibit B). This standard exceeds the HUD Housing Quality Standards. The Standards shall correct housing deficiencies and address items deemed essential for basic health, safety, and welfare. All work shall meet the Uniform Building Code (UBC), Uniform Plumbing Code (UPC), Uniform Mechanical Code (UMC), National Electric Code (NEC) as amended periodically. "HUD" means the United States Department of Housing and Urban Development and any successors or assigns thereof. "Lien" means any lien, mortgage, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any lien or security interest). "Low Income" means an adjusted income which does not exceed eighty percent (80%) of the Orange County, California PMSA, adjusted for household size, as published 3 25K-19