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DEFINITION OF TERMS <br />As used in this Inclusionary Housing Covenants Declaration, the terms set forth <br />below shall have the following meanings: <br />Adjusted Household Size Appropriate for the Unit is based on the H&SC <br />Section 50052.5 definition, and is only used in the Affordable Housing Cost <br />calculations. For Affordable Housing Cost calculation purposes, the household <br />size is set at one person in the case of a studio unit, two persons in the case of a <br />one -bedroom unit, three persons in the case of a two-bedroom unit, four persons <br />in the case of a three-bedroom unit, and five persons in the case of a four- <br />bedroom unit. This household size standard is used in the Affordable Housing <br />Cost calculations; it is not an occupancy limit. <br />Administrative Procedures means the Affordable Ownership Housing <br />Administrative Procedures promulgated by the Executive Director pursuant to the <br />Ordinance. <br />Administrative Procedures Manual is the Affordable Ownership Housing <br />Administrative Procedures Manual — Owner Requirements dated January 2015, <br />which has been prepared by the City for the implementation and enforcement of <br />the Ordinance. A copy of the Administrative Procedures Manual shall be <br />maintained on file with the City, and shall be provided to each Homebuyer of an <br />Inclusionary Unit. <br />Affordable Housing Cost means the maximum costs that can be borne by <br />Moderate Income Household based on the requirements imposed by H&SC <br />Section 50052.5. The calculation methodology is described in Section VI of the <br />Administrative Procedures Manual. <br />Affordability Period shall be set at 45 years in the Inclusionary Housing <br />Covenant Declaration recorded on legal title to the Inclusionary Unit. The <br />covenant period is set at 45 years following the date of the first sale of the <br />Inclusionary Unit. <br />Affordable Sales Price means the maximum price that can be charged for an <br />Inclusionary Unit. The Affordable Sales Price is equal to the lesser of: <br />1. The sum of the Supportable Mortgage plus the Benchmark Down <br />Payment; or <br />Incluslonary Housing Covenants Declaration Page 3 <br />City of Santa Ana January 2015 <br />32A-70 <br />