ANR HOMES, INC. -2011 - Laserfiche WebLink

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"Median Income for the Area" means the median income for the Orange County, California PMSA as most recently determined by HUD. Also may be referred to interchangeably in the Loan Documents as "Area Median Income" or "AMI". "Middle Income" means an adjusted income which does not exceed one hundred twenty percent (120%) of the Orange County, California PMSA, adjusted for household size, as published by HUD. This income limit will be used to determine the Homebuyer's maximum income for eligibility to purchase a Middle Income Unit. "Neighborhood Stabilization Program" (NSP) has the meaning set forth in the Recitals above. "Neighborhood Stabilization Program (NSP) Regulations" has the meaning set forth in the Recitals above. "NSP Assisted Units" shall mean those residential units purchased and rehabilitated on Eligible Properties which are subject to the term of affordability. "NSP Funds" shall mean the money provided under the NSP 3 Program for the acquisition and rehabilitation of the homes hereunder. "Target Area" shall mean the map attached hereto and incorporated herein as Exhibit A. "Term of Affordability" the term of affordability shall be forty-five (45) years. "Vicinity" shall mean the Target Area as identified by the City for the NSP funds and approved by HUD. 200. PROPERTY ACQUISITION 201. Selection of Properties by Developer. Developer shall with reasonable diligence seek to identify proposed Eligible Properties which it determines may meet NSP Program Criteria. Only vacant and foreclosed properties will be considered, unless otherwise authorized by the City. The Developer shall provide the City with its Acquisition/Rehabilitation Bid Analysis on each potential property to the City. Upon receipt of complete bid analysis, the City shall review said within two (2) working days, subject to final approval after inspection by City rehabilitation staff which shall occur within two (2) additional working days. The City will approve or reject properties for purchase through the NSP Program. Developer shall negotiate the purchase of the property with the current owner which must be consistent with NSP guidelines. Developer has the capacity to finance up to 80 percent of costs with its own acquisition/construction lender. Developer shall take, insure and hold title to the property, and prepare a scope of work to be reviewed by the City. The City anticipates mainly using NSP funds for acquisition, costs associated with maintenance, sales and other related soft costs. The actual number of housing units to be acquired and rehabilitated by Developer will be determined 4