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To ensure the affordability of each home, the maximum initial sales price for each unit shall not exceed the sum of the first mortgage as established in accordance with restrictions of Section 50052 . 5 of the Health & Safety Code and the amount of the AHP mortgage assistance grant provided to each unit . (b) Selection of Oualified Buyers . As used in this Declaration the term Qualified Buyers shall be further defined to mean a household which: 1) resides within the incorporated area of the City of Redwood City at the time of application. However, the f irst time home buyers that the Declarant selects to be the initial Qualified Buyer of the units shall have resided within the incorporated limits of the City of Redwood City for a minimum of one (1) year at time of application. 2) meets the following family size definitions: i) For two (2) bedroom units: 3-5 persons per family. ii) For three (3) bedroom units : 4-7 persons per f ami ly. iii) For the two (2) bedroom, wheelchair unit, see Section 2 (c) (iii) , below. The Declarant additionally determines a household is eligible to participate in the ownership of a unit both (i) economically (a household whose income does not exceed the qualifying limits for very low income households as established pursuant to Section 8 of the United States Housing Act of 1937 as amended from time to time) and (ii) non-economically (which shall include, but not be limited to, the Qualified Buyer stating his/her warranted intent to personally and continuously occupy the unit purchased as his/her sole residence for the foreseeable future, and that the household size of the Qualified Buyer relative to the size of the purchased unit complies with standards adopted by the Declarant and consistent with HUD Consolidated Plan goals of the City. The Declarant shall have the right under the terms of the Agreement, after application of basic eligibility requirements set forth herein, to select, in its sole discretion, the ultimate purchaser of each unit . REDW\0006\DOC\013-7 C - 3 1\11\08 940 law