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capitalized term that is not otherwise defined in these Restrictions shall have the meaning <br />ascribed to such term in the Inclusionary Loan Agreement). <br />D. In furtherance of the Inclusionary Housing Program guidelines, Developer has <br />applied to the City for a loan with which to: <br />1. provide deeper affordability and construct the improvements to the Property, <br />and <br />2. thereafter to maintain, operate and professionally manage the Project <br />as decent, safe, sanitary and affordable rental housing. <br />E. The City, on certain terms and conditions, desires to make such loan ( "Inclusionary <br />Loan ") to Developer in order to make possible the rehabilitation and construction of the Project, <br />thereby expanding the supply of decent, safe, sanitary and affordable housing. <br />F. The Inclusionary Loan Agreement, Inclusionary Deed of Trust, and Inclusionary <br />Promissory Note, dated concurrently herewith (collectively the °Inclusionary Loan Agreements ") <br />are entered into for the purpose of providing for affordable very low income residential rental <br />units in the City of Santa Ana pursuant to the Inclusionary Funds regulations and guidance. <br />NOW, THEREFORE, CITY AND OWNER COVENANT AND AGREE AS FOLLOWS: <br />1. Definitions <br />"Affordable Housing" means the total housing costs paid by a qualifying household, <br />which shall not exceed the fraction of gross income specified, as follows, in accordance with <br />Sections 50052.5 and 50053 of the Health & Safety Code: <br />Very Low - Income Households. Thirty (30) percent of the income of a household earning <br />fifty (50) percent of the Orange County median income adjusted for family size <br />appropriate for the unit. <br />Low - Income Households. Thirty (30) percent of the income of a household earning <br />seventy (70) percent of the Orange County median income for for -sale units, and thirty <br />(30) percent of the income of a household earning sixty (60) percent of the Orange <br />County median income for rental units, adjusted in either case for family size appropriate <br />for the unit. <br />In the event of a conflict between the fractions specified in this definition and those found <br />in Sections 50052.5 and 50053 of the Health & Safety Code, the fractions specified by <br />State law shall control. <br />"Affordability Period" also referred to as "Term of Affordability ", shall be fifty -five <br />(55) years from date of issuance of Certificate of Completion. <br />.O <br />