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Delivery Date means the date on which an Inclusionary Unit Escrow closes and <br />the Homebuyer acquires a fee title interest in the completed Inclusionary Unit. <br />Developer means the developer of the Project. <br />Effective Date means the date on which this Inclusionary Housing Agreement is <br />approved and executed by appropriate authorities of the Developer and the City; <br />and this Inclusionary Housing Agreement is delivered to the Developer. <br />Eligible Purchaser shall mean a Homebuyer who meets the eligibility criteria set <br />forth in the Administrative Procedures. <br />Executive Director is the Executive Director of the Community Development <br />Agency of the City. The Executive Director, or designee, has the ultimate <br />authority to evaluate appeals submitted in relation to the Administrative <br />Procedures. <br />Exhibits means the exhibits to this Inclusionary Housing Agreement, which are <br />listed in Article 1 - Section V. <br />Fair Market Value means the value of the Inclusionary Unit under normal <br />circumstances in which the seller and the buyer freely negotiate the terms of the <br />transfer of ownership. The Fair Market Value must be established by a licensed <br />Real Estate agent based on three comparable properties. <br />Gross Household Income means all income from whatever source from all <br />Adult Household members, which is anticipated to be received during the 12- <br />month period following the date of the determination of Gross Household Income. <br />The applicable sources of income are defined in California Code of Regulations <br />Title 25 Housing and Community Development Section 6914. The definition <br />includes the following specific requirements: <br />1. Except as provided in subdivision (2), all payments from all sources <br />received by the head of Household (even if temporarily absent) and each <br />additional member of the Household who is not a minor shall be included <br />in the annual income of a Household. Gross Household Income shall <br />include, but not be limited to: <br />a. The gross amount, before any payroll deductions, of wages and <br />salaries, overtime pay, commissions, fees, tips and bonuses; <br />Inclusionary Housing Agreement - Ownership Project Page 4 <br />City of Santa Ana <br />