Item 12 - Density Bonus Agreement No. 2025-03

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balance of housing opportunities for very -low income, low income, seniors and other qualified households throughout the City. D. The Project is proposing a total number of fifteen (15) residential rental units, including three (3) units for Very -Low Income Tenants, as defined herein, and proposes to utilize the existing parking lot to satisfy the parking requirements of state law. E. The Project complies with the affordability requirements for a housing development as set forth in the State Density Bonus Law and City Density Bonus for Affordable Housing. F. In light of the purpose of the State Density Bonus Law and City Density Bonus for Affordable Housing, and the express provisions of Government Code Sections 65915(d)(1)(2)(C), the City has determined that the Project is eligible for three (3) incentives or concessions, and waivers as prescribed by the State Density Bonus Law. G. This Agreement, and the exhibits attached hereto and incorporated herein by reference, are intended to set forth the terms and conditions for the implementation of the Project's requirement to provide affordable housing units in exchange for receiving the density bonus, concession and waivers set forth herein. NOW, THEREFORE, in consideration of the above recitals, which are incorporated herein by this reference, and of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. DEFINITIONS AND EXHIBITS 1.1 Definitions. In addition to the terms that may be defined elsewhere in this Agreement, the following terms when used in this Agreement shall be defined as follows: 1.1.1 "Adjusted for family size appropriate to the unit" shall have the meaning set forth by Health and Safety Code Section 50052.5(h). 1.1.2 "Affordable Rent" means the maximum Monthly Rent that may be charged to and paid by an Eligible Household for the Affordable Units, as required by the terms of this Agreement, and which shall not exceed the amount of Affordable Rent authorized by California Health and Safety Code Section 50053 and pursuant to implementing regulations published by the California Department of Housing and Community Development, as determined from the Median Income for Orange County, as defined below in Section 1.1.16. The Affordable Rent shall be adjusted to reflect a reasonable utilities allowance for utilities paid by the household using the Santa Ana Housing Authority Multi -Family Housing Utility Allowance Schedule, and shall be updated no less than annually. 1.1.3 "Affordable Rent Schedule" means a rent schedule established as of the date of issuance of an occupancy permit (exclusive of tenant utility payments or security deposits) 2 2130 East Fourth Street Density Bonus Agreement 55394.00101 \43846773.1