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Affordable Housing Cost means the maximum costs that can be borne by <br />Moderate Income Household based on the requirements imposed by H &SC <br />Section 50052.5, The calculation methodology is described in Section Vl of the <br />Administrative Procedures Manual: <br />Affordable Sales Price means the maximum sales price that can be charged for <br />an Inbluslonary Unit. The Affordable Sales Price is equal to the lesser of. <br />1. The sum of the Supportable Mortgage plus the Benchmark flown <br />Payment: or <br />2:. The purchase price prospective buyers are willing to pay in return for <br />purchasing a home that is subject to restrictive covenants. <br />The statutorily set Affordable Sales Prices for the initial sale of each Indusionary' <br />Unit are shown in Exhibit 8 to this Inclusionary Housing Agreement, The <br />Affordable Sales Prices for Incluslonary Units shall be adjusted quarterly. <br />Benchmark Down Payment is a component of the Affordable Sales Price <br />calculations, For the purposes of these Administrative Procedures, the <br />Benchmark Down Payment is set at 5% of the total Affordable Sales Price. <br />California Health and 'Safety Cade ( "HSCC ° ") provides definitions of household <br />income and affordable housing casts that are used in this Incluslonary Housing <br />,Agreement. <br />City means the City of Santa Aria, California, <br />City Approvals are defined as the entitlement approvals and the Incluslonary <br />Housing Plan that must be approved by the Program Director prior to the <br />issuance of building permits for the Project. <br />City Council means the City of Santa Ana City Council, <br />City Deed of Trust means a deed of trust, that secures the Owner's obligation to <br />comply with the obligations imposed by the Inclusionary Housing Covenant <br />Declaration. <br />Default means the failure of a Party to perform any action or covenant required <br />by this Incllrslonary Housing Agreement within the time period provided herein <br />following notice and opportunity to cure, as set forth in Article 3 -- Section I of this <br />Inclusionary Housing Agreement. <br />Inr,lu5i4ri�Ey r€QUSin9 nq�ani k;rak - otYner�hik7 Project '� r'ape 3. <br />City of Santa Ani January 2015 <br />32A -37 <br />