PULTE HOME CORPORATION - 2015 - Laserfiche WebLink

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DEFINITION OF TERMS As used in this City Deed of Trust, the terms set forth below shall have the following meanings: Administrative Procedures means the Affordable Ownership Housing Administrative Procedures promulgated by the Executive Director pursuant to the Ordinance. Affordable Housing Cost means the maximum price of an Inclusionary Unit, as calculated under the requirements imposed by H &SC Section 50052.5. The calculation methodology is described in Section VI of the Affordable Ownership Housing Administrative Procedures Manual. Affordability Gap is equal to the difference between the Fair Market Value of the Inclusionary Unit and the Affordable Sales Price for the Inclusionary Unit at the time of acquisition by the Homebuyer. Affordable Sales Price means the maximum price that can be charged for an Inclusionary Unit. The Affordable Sales Price is equal to the lesser of: 1. The sum of the Supportable Mortgage plus the Benchmark Down Payment; or 2. The purchase price prospective buyers are willing to pay in return for purchasing a home that is subject to restrictive covenants. The statutorily set Affordable Sales Prices for the initial sale of each Inclusionary Unit are shown in Exhibit 8 to the Inclusionary Housing Agreement. The Affordable Sales Prices for Inclusionary Units shall be adjusted quarterly. Benchmark Down Payment is a component of the Affordable Sales Price calculations. For the purposes of the Administrative Procedures, the Benchmark Down Payment is set at 5% of the total Affordable Sales Price. Beneficiary refers to the City as the provider of the City Shared Appreciation Loan, and otherwise defined as the Subordinate Lender. Trustor means the person or persons described as the Trustor in the introductory paragraph of this City Deed of Trust. Inclusionary Housing Covenants Declaration Page 4 Assumption Agreement January 2015