25G - AGMT - INCLUSIONARY HOUSING AGMT

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Inclusionary Housing t«ovenants Declaration means the Declaration of Inclusionary Housing Covenants, Conditions and Restrictions attached hereto as Exhibit 5, Inclusionary Housing Fund means a separate fund of the City which is cod !fled in Article X!1111.1 Section 41 -1909 of the City's Municipal Code. The fund was established for the specific purpose of providing the City with funds to assist in the development of housing that is affordable to tow and moderate income households. The allowable uses of Inclusionary Housing Funds, and the related reporting are described in Attachment I of the Administrative Procedures Manual, Inclusionary Housing Plan means a plan submitted for approval to the !grogram Director that details the manner in which the Inclusionary Housing obligations will be fulfilled by the Project. The Inclusionary Housing Plan form is presented in Attachment B of the Administrative Procedures Manual, and also attached as Exhibit 3 to this Inclusionary Housing Agreement. Inclusionary Unit means a completed affordable owner- occupied housing unit, including the landscape improvements thereon, if any, that is made available for sale to an Eligible Purchaser. The location of each Inclusonary Unit in the Project is shown on Exhibit 3 to this Inclusionary Housing Agreement. Inclusionary Unit Escrow means the escrow transaction by and between the Developer and each Homebuyer, through which the developer shall transfer fee title in each completed Inclusionary Unit to an Eligible Purchaser, In -Lieu Pee refers to a fee that may be paid by the Property Owner in specific circumstances In lieu of providing Inclusionary Units within a Project. These circumstances are identified in Section [I -A of the Administrative Procedures Manual. The In -Lieu Fee calculation worksheet is updated quarterly; The current Affordable Housing In -Lieu Fee calculation worksheet schedule is presented in Attachment J of the administrative Procedures Manual, Market Rate Unit means any unit in the Project that is not restricted for ownership and occupancy by Eligible Purchasers, Median Income is calculated by HCD using non - aggregated census Income data and applying trending factors for metropolitan statistical areas (MSA) throughout the country. The MSA for Santa ,Ana is Orange County. The current household income information is presented in Attachment I of the Administrative Procedures Manual inGUSFtmary l-9rusiriglkr�reem ent- Ownership Project P291) 8 City of Santa Arm 25G -10