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7C Page 247 with.the requirements for satisfaction of redevelopment agency inclusionary housi.ng production requirements and the use of redevelopment agency housing set-aside funds pursuant to California Community Redevelopn�ent Law(California Health and Safety Cade Section 33000 et seq.) (the "CRL"). However, notwithstanding anything to the cantrary set forth herein, the Parties agree that if for any particular development that includes Affordable Homes, applicable sources of construction or permanent financing require or permit less stringent restrictions or more liberal underwriting criteria,Developer shall be permitted to apply the affordability requirements azld underwriting criteria applicaUle to such fina��cing sources in lieu of the definitions set forth in tllis Section, and the affordability covenants required ta be recorded by this Affordabte Housing Plan may be subordinated to the affordability covenants required by other. lenders or programs, such as Ca1HFA or other similar affordable housing programs in order to satisfy the underwriting criteria of such financing sources. {a) "Above Moderate -Income" means an annual household gross income that is greater than I20% of Area Median Income, adjusted for household size, and does not exceed one hundred fifty percent(150%) of tl�e Area Median Incorz�:e, a�justed for housel�old size. (b) "Adjusted for family size appropriate for the home"rr�eans the following: for studio apartments - one person; for one-bedroom homes— two persons; for two-Uedroorn homes— three persons; for three bedroom homes - faur persons; and for four-bedroom homes — five persons. (c) "Affordable Rent" mea»s a��ZOnthly rent that does not exceed one-twelfth (1/12th) of the following, less a utility allowance and such other adjustments as required pursuant to the CRL or other applicahle financing source: (i) For Very Low-Income Hauseholds: 30% times 50%of Area Median Income, adjusted for fazx�ily size appropriate for the home. (ii) For Low-Income Households: 30%times 60% of Area Median Income, ad;usted for tamily size appropriate for the ho�ne. (iii} For Moderate-IncouZe Househalds: 3Q% times 110% of Area Median Income, adjusted for family size appropriate for the home. (iv) For Above Moderate-Income Househalds: 30%times 150%of Area Median Income, adjusted for fami.ly size appropriate for the home. {d) "Affordable Sates Priee"rneans the inaximum purchase pricc that would enable an Eligible Purchaser to purchase a hame with a Monthly Owner-Occupied Housing Paymei�t th.at does not exceed Affordable Housing Cost as d.efined in Sectian 50052.5(b)of the Calzfarnia Health and Safety Code. With respect ta Abflve Moderate -Income Households, "Affordable Sales Price" means the maximum purchase price that would enable an El'zgible Purchaser of Above Moderate-Income to purch.ase a home with a Monthly Owner-Occupied Housing Payment tlsat does not exceed 35 percent times 150% of Area Median Income adjusted for family size appropriate for the llome or such greater percentage as may be pern�itted pursuant to 10259'11-11 4 ORAFT 32-13-07(9:30 a.m.)