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Moderate Income refers to Households whose Incomes meek the standards defined by the H &SC Section 80093, 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. Ordinance means the Housing Opportunity Ordinance adopted by the City Council on November 28, 2011, which Is codified in Article XVIII.1 Section 41- 1900 et seq. of the City's Municipal Code; Owner means the current owner of an Incluslonary Unit. Party and Parties mean the City and the Developer as parties to this Incluslonary Housing Agreement. Program Director has the day - today authority for making determination$ related to the Ordinance and Administrative Procedures Manual. The Program Director will be appointed by the Executive Director. Project means the owner - occupied housing project proposed to be developed on the Property at the Developers sole cost and expense. Property means the real property, as shown on Exhibit 2 attached to this Incluslonary Housing Agreement, on which the Project is to be developed, for which the legal description is provided in Exhibit 1 to this Inclusionary Housing Agreement, Supportable Mortgage means the mortgage amount that can be supported by a Moderate Income Household based on the Affordable Housing Cost calculations. The mortgage calculation is based on the prevailing market interest rate for a 30- year fully amortizing mortgage with a fixed interest rate. See Section VI-13 of the Administrative Procedures Manual for an explanation of the calculation methodology. Incluslonary Housing Agroornent - CmarshlsP €oioot Page City of Santa Alta Jon nary 2845 32A -43