ANR HOMES, INC. -2011 - Laserfiche WebLink

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Income households, the Affordable Sales Price will be the product of 35% times 100% of the Area Median Income, adjusted for family size appropriate for the unit. "Agency" means the Community Redevelopment Agency of the City of Santa Ana, a public body, corporate and politic, exercising governmental functions and powers, and organized and existing under the Community Redevelopment Law of the State of California (Health and Safety Code Section 33000 et sec .) The principal office of the Agency is located at 20 Civic Center Plaza, Santa Ana, California, 92702. "Agreement" means this Neighborhood Stabilization Program Agreement between the City and the Developer, and any attachments thereto. "Applicable Law" shall mean those federal, state and local laws, ordinances, regulations, policies and procedures applicable to the NSP, and the NSP 3 Funds. "Blighted" a structure is blighted when it exhibits objectively determinable signs of deterioration sufficient to constitute a threat to human health, safety and welfare. "Building Permit" means the building permit(s) issued by City and required for the rehabilitation, if any. "Business Day" means any Monday, Tuesday, Wednesday, Thursday or Friday on which Santa Ana City Hall is open to the public for the conduct of City affairs. "City" means the City of Santa Ana, a charter city and municipal corporation. "Current Market Appraised Value" the current market appraised value means the value of a foreclosed residential property that is established through an appraisal made in conformity with the appraisal requirements of the Uniform Relocation Act (URA) 49 CFR 24.13 and completed within 60 days prior to the final offer made for the property. "Deed of Trust" means the Deed of Trust with the Developer encumbering the NSP Assisted Unit in the form attached hereto as Exhibit B. "Developer" means ANR Homes Inc., a California corporation, and its affiliate, ANR Santa Ana, NSP, LLC. "Eligible Property" shall mean a property that the City shall in its sole discretion determines meets NSP Program Criteria. "Executive Director" means the Executive Director of the Community Development Agency, or his/her designee. "Foreclosed" As defined by HUD for the purposes of NSP means "A home or residential property has been foreclosed upon if any of the following conditions apply" 2