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5. City desires to increase the number of affordable rental units and the degree to <br />which they are affordable in the City of Santa Ana. <br />6. In order to promote this goal, and the express provisions of Sections 65915 - <br />65918 of the Government Code of the State of California ("Density Bonus Law"), the City has <br />determined to grant Developer's application for a density bonus and related concessions and <br />waivers to Developer. <br />7. As a condition of approval of the Project with the density bonus by City, <br />Developer will provide and maintain a portion of the dwelling units in said Project offering <br />Affordable Rents (as defined in Paragraph I of this Agreement) (the "Affordable Rental Unit(s)") <br />for the Tenant Rental Period. <br />8. In addition to the density bonus granted to Developer, the Project has been <br />granted concessions or deviations from City development standards including: (i) reduction of <br />the average setback requirement from 27 feet to 21 feet, and (ii) a reduction of the side yard <br />requirements from 6 feet to 5 feet, 2 inches. <br />WHEREFORE, for and in consideration of the mutual promises, covenants and <br />conditions and conditions herein contained, the parties hereto do hereby agree as follows: <br />1. <br />DEFINITIONS <br />The following words and phrases shall mean and be defined and used for the <br />purposes of this Agreement as follows: <br />A. "Affordable Rent" means the monthly rents which do not exceed the maximum <br />amount applicable to Very Low Income households, as promulgated by the U.S. Department of <br />Housing and Urban Development (HUD). <br />B. "Affordable Rental Unit" means the units that will be rented at affordable rent to <br />very low income qualified households. <br />C. "Affordable Rent Schedule" means a rent schedule established as of the date of <br />issuance of an occupancy permit (exclusive of tenant utility payments or security deposits) for <br />the required number/percentage of the total number of units in the Project which are to be rented <br />or available for rent to very low income tenants. Said Affordable Rent Schedule shall be <br />established at the time of the issuance of the occupancy permit ("Initial Rent Schedule") and <br />shall be created in accordance with the terms and conditions of the Disposition and Development <br />Agreement entered into by and between the Developer and the Community Redevelopment <br />Agency for the City of Santa Ana and the recorded Affordability Restrictions on Transfer of <br />Property. <br />2 <br />39C-19