Laserfiche WebLink
California Health and Safety Code ("HSC") provides definitions of household <br />income and affordable housing costs that are used in this Inclusionary Housing <br />Agreement. <br />City means the City of Santa Ana, California. <br />City Approvals are defined as the entitlement approvals and the Inclusionary <br />Housing Plan that must be approved by the City Council prior to the issuance of <br />building permits for the Project. <br />City Council means the City of Santa Ana City Council. <br />City Manager is the City Manager of the City of Santa Ana. <br />Default means the failure of a Party to perform any action or covenant required <br />by this Inclusionary Housing Agreement within the time period provided herein <br />following notice and opportunity to cure, as set forth in Article 3 — Section 1 of <br />this Inclusionary Housing Agreement. <br />Developer means the developer of the residential project that is subject to this <br />Inclusionary Housing Agreement and its successors and assigns. <br />Effective Date means the date on which the Inclusionary Housing Agreement is <br />approved and executed by appropriate authorities of the Developer and the City; <br />and the Inclusionary Housing Agreement is executed by the authorized <br />representatives of the City and delivered to the Developer. <br />Exhibits means the exhibits to this Inclusionary Housing Agreement, which are <br />listed in Article 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 is estimated based on the <br />assumption that no income or affordability restrictions are placed on the <br />Inclusionary Unit. <br />Gross Income means all income from whatever source from all adult household <br />members for the previous calendar year as defined in California Code of <br />Regulations Title 25 Housing and Community Development Section 6914. The <br />definition includes the following specific requirements: <br />Indusionary Housing Agreement Page 3 <br />City of Santa Ana February 17, 2015 <br />1603\14\1654522.2 <br />