|
"Sale" means any sale, transfer, assignment or conveyance of the Property, any portion
<br />thereof or interest therein, including, without limitation, any lease, exchange, or other
<br />disposition of any interest in the Property, whether voluntary or involuntary, except that any
<br />transfer by gift, devise or inheritance to an existing spouse surviving joint tenants or other co-
<br />owner, or a spouse as part of a dissolution proceeding or in connection with marriage,'or by
<br />devise or inheritance to children, shall not be considered a Sale for the purposes of the Loan -
<br />Agreement.
<br />"Term of Affordability", shall be forty-five (45) years from close of escrow:'
<br />1. Nondiscrimination. There shall be no discrimination against or segregation of., any
<br />person, or group of persons, on account of race, color, religion, sex, disability, marital status, national'
<br />origin or ancestry in the sale, lease, sublease, transfer, use, occupancy,'tenure or'enjoyment of the
<br />Property, or any part therefore, nor shall Owner or any person claiming under or through Owner
<br />establish or permit any such practice or practices of discrimination or segregation with reference to
<br />the selection, location, number, use of occupancy of tenants',, 'le`ssees,- subtenants, sublessees, or
<br />vendees of the Property.
<br />2. Income Requirement. The Property shall remain available,to persons or families whose
<br />household annual income does not exceed 120%o.of the area median -income adjusted for family size
<br />(as defined by HUD) at affordable housing cosffor'the longest feasible,time, but in any event not less
<br />than 45 years from the date of recording of these Affordability Covenants, provided that the Property
<br />remains habitable. As of June 9, 2017,:1.200io of the -area median income for the City of Santa Ana,
<br />adjusted for family size, as defined by. HUD' (sirbject'-do 'change"approximately annually) was as
<br />follows:
<br />Family Size
<br />Income
<br />1
<br />$73,900
<br />2
<br />$84,500
<br />3 _.
<br />$95,050
<br />$105,600
<br />5
<br />$114,050
<br />6'" ,
<br />$122,500
<br />7
<br />$130,950
<br />-8
<br />$139,400
<br />It shall not be a breach of these Affordability Covenants if a person or family whose
<br />household annual income was less than 120% of the area median income for the City at the time such
<br />,person or family first acquired title to or took possession of the Property subsequently increases to an
<br />amount in excess of the 120% of the area median income.
<br />3. Owner -Occupancy Requirement.
<br />(a) Owner shall occupy the Property as his, her or their primary residence, and the
<br />Property shall be used as the principal residence of Owner and Owner's household and for no other
<br />purpose. The maximum occupancy of the Property shall not exceed two persons per bedroom plus
<br />one additional person.
<br />-3-
<br />25C-33
<br />
|