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Moderate Income refers to Households whose incomes meet the standards <br />defined by the H&SC Section 50093. Generally, Moderate Income means <br />household income that does not exceed 120% of the County Median Income, as <br />adjusted for Household size. The maximum household income amount for <br />Moderate Income Households shall be set at the amount published by HCD <br />annually. <br />Moderate Income Household shall mean individuals or Households who have <br />an adjusted Gross Income that does not exceed Moderate Income, <br />Ordinance means the Housing Opportunity Ordinance adopted by the City <br />Council on November 28, 2011, and as amended by the City Council on <br />September 1, 2015, in Ordinance No. NS -2881, and on October 6, 2015, in <br />Ordinance No. NS -2885, which is codified in Article XVIIIA Section 41-1900 et <br />seq. of the City's Municipal Code. <br />Owner means the current owner of an Inclusionary Unit. <br />Party and Parties mean the City and the Developer as parties to this <br />Inclusionary Housing Agreement. <br />Program Director has the day-to-day authority for making determinations <br />related to the Ordinance and Administrative Procedures Manual. The Program <br />Director will be appointed by the Executive Director. <br />Project means the owner -occupied housing project proposed to be developed on <br />the Property at the Developer's sole cost and expense. <br />Property means the real property, as shown on Exhibit 2 attached to this <br />Inclusionary Housing Agreement, on which the Project is to be developed, for <br />which the legal description is provided in Exhibit 1 to this Inclusionary Housing <br />Agreement. <br />Supportable Mortgage means the mortgage amount that can be supported by a <br />Moderate Income Household based on the Affordable Housing Cost calculations. <br />The mortgage calculation is based on the prevailing market interest rate for a 30 - <br />year fully amortizing mortgage with a fixed interest rate. See Section VI -13 of the <br />Administrative Procedures Manual for an explanation of the calculation <br />methodology. <br />Inclusionary Housing Agreement - Ownership Project Page 9 <br />City of Santa Ana <br />32A-39 <br />