80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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the Affordability Period, upon payment of the Contingent Equity Participation Amount as set forth in Section 3 hereof. 4,2 Verification of Prospective Buyer's Income. In order to verify the prospective Buyer's status as a Moderate Income Household, the flomebuyer shall submit or cause the proposed Buyer to submit to the Agency the identity of the proposed Buyer and adequate information evidencing the income and household size of the proposed Buyer, a. Gross income and net ineonne of the prospective Buyer's household shall be determined in accordance with Health & Safety Code Section 50093 and the provisions of Sections 6914 and 6916 of Title 25 of the California Code of Regulations. The prospective Buyer* shall submit a cedification that such Buyer is a Moderate Income "ousehold and meets the eligibility requirements established for the I ropetly and that the Property will be sold at an Affordable Housing Cost by Hoinebuyer to such prospective Buyer. (i) Income information shall be submitted together with the notice of proposed sale in accordance with Section 2 not less than thirty days prior to the opening of escrow for the proposed sale and shall include original or true copies of pay stubs, income tax records or other financial documents in order that the Agency may review the household income of the proposed Buyer to determine whether the proposed Buyer is a Moderate Income Household and whether the Property is to be transferred to such Buyer at an Affordable Housing Cost. If the Agency is unable to verify Buyer's income as provided herein prior to the proposed sale, then the I uyer"s income shall be deemed to exceed the ilnaximum allowable inconic limit for Eligible Persons. and Families. Affordable Housing Cost. The Property shall be resold by the omebuyer to the Buyer* at an "Affordable Housing Cost" that shall mean the pricing for Moderate Households and shall be calculated pursuant to California Health & Safety Code Section 50052.5, the implementing regulations of Sections 6920, 6924 and 6930 of Title 25 of the Califon *nia Code of Regulations for Moderate Income Households, Release of Affordability. After the Affordability Period Termination Date, the Property shall no longer be subject to the affordability requirements of this Agreement and the Affordable Housing Resale Restriction, and the Hon ebuyer may sell or transfer the Property to any person, regardless of the person's incom e status, at the propel y's fair market aloe. Maintenance of Property. The Homebuyer shall maintain the interior of the Property a in a clean, safe and presentable tanner, b consistent with community standards, (c) in a manner which will uphold the value of the Property, d its accordance with the maintenance requirements of the Affordable Mousing Resale Restriction, e in accordance with the Santa Ana Municipal Code and the Uniform Housing Code, and f in accordance with any and all covenants and agreements established by any homeowner's association or other regulatory entity recognized by area property owners. The Homebuyer shall not allow the Propetly to accumulate debris, or allow inoperable or abandoned vehicles on the Property, or allow any other unsightly or dangerous conditions on the Propelly. The covenants for the maintenance of the Property shall run with the Property and shall remain in effect until the Affordability Period Termination Date. The Hornebuyer and the Agency shall execute and ATTACHMENT N. l l- 10 Form of Homebuyer Loan Agreement Do C so C11 400673vl 37200272 -000