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EXHIBIT 1 <br />acquisition and conversion of non-residential property to multifamily rental housing units; and/or <br />new construction of housing units for rental housing. <br />Extremely Low -Income Household: Households with incomes that do not exceed 30% of the <br />Orange County area median income, adjusted for household size, as published by the U.S. <br />Department of Housing and Urban Development (HUD) from time to time. <br />Fair Market Rents: Maximum rents as published by HUD for the Housing Choice Voucher <br />Program for Orange County, adjusted for unit size. <br />Grant: Transfer of funds for purposes of financing the development of affordable housing, on <br />the condition that grantee remains in full compliance with the Regulatory Agreement. Unlike a <br />loan, the grant only becomes due and payable in the event that grantee is in default of the <br />Regulatory Agreement. <br />Nonprofit Housing Development Corporation (HDC): A private, nonprofit corporation with <br />proven capacity to develop, own and operate housing, and which has a valid 501(c)(3) or (4) <br />designation from the IRS. <br />Limited Equity Cooperative: A form of ownership whereby the residents form a cooperative <br />corporation which owns and manages the property, and where the return on residents' original <br />equity is limited to no more than 10%, as defined in the California Health and Safety Code <br />Section 33007.5. <br />Loan Agreement: A loan of program funds for purposes of developing affordable housing with a <br />Promissory Note secured by a Deed of Trust and Affordability Restrictions on the property. <br />Qualified Developer: A non-profit or for-profit affordable housing developer with proven <br />capacity to develop, own and operate affordable housing. <br />Low -Income Household: Households with incomes that do not exceed 80% of Orange County <br />area median income, adjusted for household size, as published by the U.S. Department of <br />Housing and Urban Development (HUD) from time to time. <br />Maximum Affordable Rent: A rent which does not exceed thirty percent (30%) of the maximum <br />income level of the income group being served (see "Low and Moderate Income Households"), <br />adjusted for unit size and utility costs. <br />For Low and Moderate Income Housing Asset Fund: the Maximum Affordable Rent for <br />households with incomes that do not exceed 120% of the area median income for Orange <br />County shall be 30% of 110% of such median income. <br />Moderate -Income Household: Households with incomes that do not exceed 120% of the Orange <br />County area median income, adjusted for household size, as published by the U.S. Department of <br />Housing and Urban Development (HUD) from time to time. <br />Affordable Housing Funds Policies and Procedures <br />F46111mo <br />Page 5 <br />