39B - DENSITY APP - 217 AND 219 S BIRCH ST

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5. City desires to increase the number of affordable rental units and the degree to which they are affordable in the City of Santa Ana. 6. In order to promote this goal, and the express provisions of Sections 65915 - 65918 of the Government Code of the State of California ("Density Bonus Law"), the City has determined to grant Developer's application for a density bonus and related concessions and waivers to Developer. 7. As a condition of approval of the Project with the density bonus by City, Developer will provide and maintain a portion of the dwelling units in said Project offering Affordable Rents (as defined in Paragraph I of this Agreement) (the "Affordable Rental Unit(s)") for the Tenant Rental Period. 8. In addition to the density bonus granted to Developer, the Project has been granted concessions or deviations from City development standards including: (i) reduction of minimum lot size for five (5) units from 18,000 square feet to 13,922 square feet, (ii) reduction of the average setback requirement from 27 feet to 21 feet, and (iii) a reduction of the side yard requirements to 5 feet 2 inches and a reduction of the average setback on the street side to 7 feet 11 inches. WHEREFORE, for and in consideration of the mutual promises, covenants and conditions and conditions herein contained, the parties hereto do hereby agree as follows: DEFINITIONS The following words and phrases shall mean and be defined and used for the purposes of this Agreement as follows: A. "Affordable Rent" means the monthly rents which do not exceed the maximum amount applicable to Very Low Income households, as promulgated by the U.S. Department of Housing and Urban Development (HUD). B. "Affordable Rental Unit" means the units that will be rented at affordable rent to very low income qualified households. C. "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) for the required number/percentage of the total number of units in the Project which are to be rented or available for rent to very low income tenants. Said Affordable Rent Schedule shall be established at the time of the issuance of the occupancy permit ("Initial Rent Schedule") and shall be created in accordance with the terms and conditions of the Disposition and Development Agreement entered into by and between the Developer and the Community Redevelopment Agency for the City of Santa Ana and the recorded Affordability Restrictions on Transfer of Property. 2 39B-20