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"Regulatory Agreement" means an agreement entered into between the City of Santa Ana or the Santa Ana Community Development Agency and a Developer by which the Developer covenants to keep certain housing units at an affordable housing cost for a specified period of time. "Rehabilitated Units /Rehabilitation" means the improvement of a unit in substandard condition to a decent, safe and sanitary level. Units are in substandard condition when, while they may be structurally sound, they do not provide safe and adequate shelter, and in their present condition endanger the health, safety or well -being of the occupants. "Residential Project/Project" means any of the following: A subdivision resulting in the creation of 5 or more residential lots or residential condominium units; or The new construction of a project consisting of 5 or more multi - family units; or The new construction of 5 or more separate houses or dwelling units; or The conversion of 5 or more existing residential rental units to condominium ownership. "Target Area" means that area designated by the City from time to time, on an as- needed basis, as a priority area for rehabilitation due to health and safety concerns. "Total Housing Costs" the total monthly or annual recurring expenses required of a household to obtain shelter. For a rental unit, total housing costs shall include the monthly rent payment and utilities paid by the tenant (excluding telephone and television). For an ownership unit, total housing costs shall include the mortgage payment (principal and interest), insurance, homeowners' association dues (if applicable), private mortgage insurance (if applicable), taxes, utilities, an allowance for maintenance and any other related assessments. "Very low income households" means persons and families whose incomes do not exceed the qualifying limits for very low income families as established and amended from time to time pursuant to Section 8 of the United States Housing Act of 1937. These qualifying limits shall be published by the department in the California Code of Regulations as soon as possible after adoption by the Secretary of Housing and Urban Development. In the event the federal standards are discontinued, the California Department of Housing and Community Development shall, by regulation, establish income limits for very low income households for all geographic areas of the state at fifty (50 %) percent of area median income, adjusted for family size and revised annually. Very low income households include extremely low income households, as defined in Health & Safety Code Section 50106. Ordinance No. NS -2881 Page 4 of 17