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Households" which shall mean persons or families earning not more than eighty percent (80 %) or <br />less of the Orange County median income, adjusted for household size appropriate for the unit as <br />determined by the City based on statistics published by the United States Department of Housing & <br />Urban Development or established by the State of California pursuant to Health & Safety Code <br />section 50093, or successor statute. <br />b. The affordable unit shall only be sold at an "Affordable Housing Cost" to <br />Low Income Households. Affordable Housing Cost shall be the permitted gross sales price of the <br />unit as established by the City, upon request of the Covenantor or owner of the affordable unit. <br />C. The term of this agreement shall commence on the date this Declaration is <br />recorded with the Recorder's Office of the County of Orange and shall continue for forty -five (45) <br />years from the date a Notice of Completion is issued by the City ( "Affordability Period "). <br />d. The covenant contained in this Section I shall run with the affordable unit and <br />shall automatically terminate and be of no further force and effect upon the expiration of the <br />Affordability Period. <br />2. Transfer of Affordable Unit. No transfer of the affordable unit shall occur until the <br />Covenantee determines (a) that the prospective purchaser intends to occupy the affordable unit as the <br />proposed purchaser's principal residence, (b) that the proposed purchaser qualifies as a Low Income <br />Household, and (c) that the proposed transfer will occur at an Affordable Housing Cost. In the event <br />that Covenantor, including successors and assigns, desires to sell the unit, Covenantor shall send <br />written notice thereof to the Covenantee at the following addresses: <br />To City: City of Santa Ana <br />20 Civic Center Plaza <br />Santa Ana, California 92701 <br />Attention: Clerk of the Council <br />a. Within ten (10) days of such notice, the Covenantor, or its successor and <br />assigns, shall submit to Covenantee a transfer application. Such transfer application shall include <br />(a) a certification of the proposed purchaser's intent to occupy the affordable unit as the proposed <br />purchaser's principal residence, (b) a certification to demonstrate that the purchaser qualifies as a <br />Low Income Household, and (c) an affidavit disclosing that the proposed purchase price is equal to <br />or less than the Affordable Housing Cost, and (d) a disclosure statement executed by the proposed <br />purchaser which certifies that the proposed purchaser may only sell the unit at an Affordable Housing <br />Cost to a Low Income Household, that the maximum permitted sales price may be less than fair <br />market value of the affordable unit, and that the affordable unit roust be owner - occupied at all times <br />and shall not be rented or leased. If Covenantee has pre - existing forms regarding such certifications <br />and affidavits, such forms shall be used by Covenantor. <br />b. Covenantor, or its successor and assigns, shall cooperate with Covenantee in <br />providing such forms to the prospective purchaser and assisting prospective purchasers to prepare <br />such forms and provide such required information to the Covenantee. <br />C. The Covenantee shall review and approve the transfer only if it finds that the <br />Covenantor (and proposed purchaser) have submitted all such forms necessary to make the <br />determinations required pursuant to Section 1 of this Declaration. The City shall endeavor to make <br />such determination within fourteen (14) days from the submission of the completed forms. If the <br />15 <br />32A -42 <br />