25G - AGMT - INCLUSIONARY HOUSING AGMT

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Incluslonary Unit means a home In Santa Ana that is made affordable by an Indusionary Housing Covenant Declaration that restricts ownership, occupancy and the Affordable Sales Price as described in the Administrative Procedures Manual. Median Income is calculated by HCO 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, Moderate Income refers to Households whose incomes meet the standards defined by the H&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 HCD annually. Moderate Income Household shall mean individuals or Households who have an adjusted Gross Income that does not exceed Moderate Income. Not Resale Proceeds means the Resale Price for the Inclusionary Unit minus the following amounts and costs in the following priority order: 1 Escrow fees, transfer taxes, recording fees, and any other customary non- recurring closing costs, 2. Brokerage commissions and similar transaction costs; and 3. Repayment of the outstanding balance of the Senior Loan. Notice of Extraordinary Sale means the form provided in Exhibit 6 to this Inclusionary Housing Covenants Declaration. Notice of Intent to Sell means the form provided in Exhibit 5 to this Incluslonary Housing Covenants Declaration, Notice of Intent to Transfer means the form provided in Exhibit 3 to this Inclusionary Housing Covenants Declaration. Ordinance means the Housing Opportunity Ordinance adopted by the City Council on November 28, 2011, which is codified in Article XVIII. I Section 41- 1900 et seq, of the City's Municipal Code. ndkigionp ry Hwang Gavenqnti Dedamiton Page 10 City of sania " Jmiwy 2015 25G-46