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by HUD. .This income limit will be used to determine the Homebuyer's maximum <br /> income for eligibility to purchase a Low Income Unit. <br /> "Median Income for the Area" means the median income for the Orange <br /> County, California PMSA as most recently determined by HUD. Also maybe referred to <br /> interchangeably in the Loan Documents as "Area Median Income" or "AMI". <br /> "Moderate Income" means an adjusted income which does not exceed one <br /> hundred twenty percent (120%) of the Orange County, California PMSA, adjusted for <br /> household size, as published by HUD. This income limit will be used to determine the <br /> Homebuyer's maximum income for eligibility to purchase a Moderate Income Unit. <br /> "Neighborhood Stabilization Program" (NSP) has the meaning set forth in the <br /> Recitals above. <br /> "Neighborhood Stabilization Program (NSP) Regulations" has the meaning <br /> set forth in the Recitals above. <br /> ~~NSP Assisted Units" shall mean those residential units purchased and <br /> rehabilitated on Eligible Properties which are subject to the term of affordability. <br /> "NSP Funds" shall mean the money provided under the NSP 2 Program for the <br /> acquisition and rehabilitation of the homes hereunder. <br /> "Target Area" shall mean the map attached hereto and incorporated herein as <br /> Exhibit A. <br /> "Term of Affordability" the term of affordability shall be forty-five (45) years. <br /> <br /> 200. PROPERTY ACQUISITION <br /> 201. Selection of Properties by Developer. Developer shall with reasonable diligence <br /> seek to identify proposed Eligible Properties which it determines may meet NSP Program <br /> Criteria. Only vacant properties will be considered. The Developer shall provide the City with <br /> its Acquisition/Rehabilitation Bid Analysis on each potential property to the City. Upon receipt <br /> of complete bid analysis, the City shall review said within two (2) working days, subject to final <br /> approval after inspection by City rehabilitation staff which shall occur within two (2) additional <br /> working days. The City will approve or reject properties for purchase through the NSP Program. <br /> Developer shall negotiate the purchase of the property with the current owner which must be <br /> consistent with NSP guidelines. Developer has the capacity to finance up to 80 percent of costs <br /> with its own acquisition/construction lender. Developer shall take, insure and hold title to the <br /> property, and prepare a scope of work to be reviewed by the City. The City anticipates mainly <br /> using NSP funds for acquisition, costs associated with maintenance, sales and other related soft <br /> costs. The actual number of housing units to be acquired and rehabilitated by Developer will be <br /> determined by the City in its sole discretion based in part on the amount of NSP Funds awarded <br /> to Santa Ana. <br /> 4 <br /> 25K-20 <br /> <br />