25G - AGMT - INCLUSIONARY HOUSING AGMT

Home Browse Search

Moderate Income refers to Households whose incomes meet the standards defined by the HI &SC Section 50093, Generally, Moderate Income means household income that does not exceed 120% of the County Median Income, as adjusted for Household! size. The maximum household income amount for Moderate Income Households shall be set at the amount published by HCa annually. Moderate Income Household shall mean individuals or Households who have an adjusted Gross Income that does not exceed Moderate Income, Ordinance means the Housing Opportunity Ordinance adopted by the City Council on November 28, 2011, which is codit"ied in Article XVIIIA Section 41- 1900 et seq. of the City's Municipal Code, Owner means the current owner of an Inciuslonary Unit. Party and Parties mean the City and the Developer as parties to this Inclusionary Housing Agreement. Program Director has the day -to -day authority for making, determinations related to the Ordinance and Administrative Procedures Manual, The Program Director will be appointed by the Executive Director. Project means the owner -occupied housing project proposed to be developed on the Property at the Developer's sole cost and expense. Property means the real property, as shown on Exhibit attached to this Inciusionary Housing Agreement, on which the Project is to be developed, for which the legal description is provided in Exhibit 1 to this Inclusionary Housing Agreement. Supportable Mortgage means the mortgage amount that can be supported by a Moderate Income Household based on the Affordable Housing Cost calculations. The mortgage calculation is based on the prevailing market interest rate for a 30- year fully amortizing mortgage with a fixed interest rate, See Section VI-13 of the Administrative Procedures Manual for an explanation of the calculation methodology, Ind usionary Housing Agreement - Ownershlp Project Page g City` of Santa Ana 25G -11