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<br /> <br /> <br /> <br /> <br /> <br /> 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 /> <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 /> <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 /> <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 /> minimum lot size for five (5) units from 18,000 square feet to 14,000 square feet, and (ii) <br /> reduction of front yard setback from 20 feet to 17.5 feet. <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 /> <br /> 1. <br /> <br /> DEFINITIONS <br /> <br /> The following words and phrases shall mean and be defined and used for the <br /> purposes of this Agreement as follows: <br /> <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 /> <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 /> <br /> <br /> <br /> 2 <br /> <br /> <br /> 39A-18 <br />