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PULTE HOME CORPORATION - 2015
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PULTE HOME CORPORATION - 2015
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Last modified
3/23/2017 8:18:01 AM
Creation date
6/30/2015 3:04:19 PM
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Contracts
Company Name
PULTE HOME CORPORATION
Contract #
A-2015-050
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
4/7/2015
Destruction Year
0
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Inclusionary Unit means a home in Santa Ana that is made affordable by an <br />Inclusionary Housing Covenant Declaration that restricts ownership, occupancy <br />and the Affordable Sales Price as described in the Administrative Procedures <br />Manual. <br />Median Income is calculated by HCD using non - aggregated census income data <br />and applying trending factors for metropolitan statistical areas (MSA) throughout <br />the country. The MSA for Santa Ana is Orange County. <br />Moderate Income refers to Households whose incomes meet the standards <br />defined by the H &SC Section 50093. Generally, Moderate Income means <br />household income that does not exceed 120% of the County Median Income, as <br />adjusted for Household size. The maximum household income amount for <br />Moderate Income Households shall be set at the amount published by HCD <br />annually. <br />Moderate Income Household shall mean individuals or Households who have <br />an adjusted Gross Income that does not exceed Moderate Income. <br />Net Resale Proceeds means the Resale Price for the Inclusionary Unit minus <br />the following amounts and costs in the following priority order: <br />1. Escrow fees, transfer taxes, recording fees, and any other customary non- <br />recurring closing costs; <br />2. Brokerage commissions and similar transaction costs; and <br />3. Repayment of the outstanding balance of the Senior Loan. <br />Notice of Extraordinary Sale means the form provided in Exhibit 6 to this <br />Inclusionary Housing Covenants Declaration. <br />Notice of Intent to Sell means the form provided in Exhibit 5 to this Inclusionary <br />Housing Covenants Declaration. <br />Notice of Intent to Transfer means the form provided in Exhibit 3 to this <br />Inclusionary Housing Covenants Declaration. <br />Ordinance means the Housing Opportunity Ordinance adopted by the City <br />Council on November 28, 2011, which is codified in Article XVIIIA Section 41- <br />1900 et seq. of the City's Municipal Code. <br />Inclusionary Housing Covenants Declaration Page 10 <br />City of Santa Ana January 2015 <br />
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