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"Affordable Housing Cost" means a price which is established at a level which ensures <br />that the monthly housing costs of (a) any Low Income Household purchaser which earns not <br />greater than eighty percent (80%) of the Area Median Income adjusted for household size, does <br />not exceed the product of thirty percent (30%) multiplied by seventy percent (70%) of the Area <br />Median Income adjusted for Household Size Appropriate to the Unit, and (b) any Low Income <br />Household purchaser which earns not less than seventy percent (70%) or more than eighty <br />percent (80%) of Area Median Income adjusted for household size, the payment of which does <br />not exceed thirty percent (30%) of the gross income of such purchaser. Such housing costs <br />(including mortgage payments, a reasonable utility allowance and similar costs) shall not exceed <br />the maximum amount applicable to Low Income Households pursuant to California Health and <br />Safety Code Section 50052.5(b)(3). <br />"Affordable Units" means each of the single family homes to be constructed and sold at <br />an Affordable Housing Cost pursuant to this Agreement. <br />"Agency" means the Community Redevelopment Agency of the City of Santa Ana, a <br />public body, corporate and politic, exercising governmental functions and powers and organized <br />and existing under Chapter 2 of the Community Redevelopment Law of the State of California, <br />and any assignee of or successor to its rights, powers and responsibilities. <br />"Agency's Conditions Precedent" means the conditions precedent to each Closing to <br />the benefit of the Agency, as set forth in Section 205.1 hereof. <br />"Agency's Election to Remediate" is defined in Section 208.3 hereof. <br />"Agreement" means this Disposition and Development Agreement between the Agency <br />and the Developer. <br />"Area Median Income" means the median income figures for Orange County adopted <br />by the State of California pursuant to Health and Safety Code Section 50093, as amended from <br />time to time. <br />"City" means the City of Santa Ana, a charter city and municipal corporation. <br />"Closing" means the close of escrow for the conveyance of the Sites from the Agency to <br />the Developer, as set forth in Section 202 hereof. <br />"Closing Date" means the date of the Closing, as set forth in Section 202.4 hereof. <br />"Condition of Title" is defined in Section 203 hereof. <br />"Conveyance" means the conveyance of the Sites to Developer by recordation of the <br />Grant Deeds from the Agency. <br />"Date of Agreement" is set forth in the first paragraph hereof. <br />600457905v2 ®2 <br />