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7C Page 248 underwriting standards promulgated by Ca1HFA, Fannie Mae, Freddie Mac or other sources of financing, if applicable. (e) "Area Median Income" means the median housellold income, adjusted for household size, applicable to San Mateo Couni:y, Califamia, as annually estimated by the United States Departnlent of Housing and Urban Development pursuant to Section 8 of the llnited States Housing Act of 1937, as arnended, and as published by the State Department of H:ousing and Commui�ity Development in the Califomia Code of Regulations, Title 25, Section 6932 pursuant to Califomia Health aa�d Safety Code Sectian 50093(c} (or successor provision). (fl "Eligible Purchaser" means a housel�old whose gross household income does not exceed the designated rncorne level for an Affordable Home, adjusted for household size. {g) "Low-Income"means an annual household gross income that is,greater than fifty percent (50%} of Area Mediaz�I�-►come, adjusted for household size, and does not exceed eighty percent (80%) of tl�e Area Median.Income, adjusted for household size. (l�) "Moderate-lncome"means an annua.l household gross income that is greater ilian eighty percent{80%)of Area Median Income, adjusted for household size, and does not exceed one hundred twenty perce3lt(120%) of tlie Area Median Inco�n.e, adjusted for household size. (i) "Monthly Owner-Occupied Housing Payment"�neans the annual aranouaat drvided by twelve which is payable for principal az�d interest due on the l�otneowner's mortgage and such other homeownership expen.ses required to be included in such calculation pursuai�t to the underwriting standards associated with applicable sources af fnancing. {j) "Very Low-Income" means an annual household gross i�icome of not greater than fifty perce��t (50%) of Area Median Income, adjusted for household size. 5.2 Term of AffordabiIitv. Developer shall be responsible for determining that the O21-Site Affordable Homes az-e initially sald to Eligible Purchasers at the designated income levels and shall require prospective purchasers to provide income certification documentation satisfactory to Lity. l�iiordable renial homes �eveioped in accordance with th.is Af�ordable Housing PIan shall be subject to recorded covenants that restrict occupancy to eligible tenants and restrict rent to affordable levels for a term of at least SS years. Affordable for-sale homes develQped in accordance with this Affordable Housing Plan shall be subject to recorded covenailts that restrict the resale price of the home to affordable prices for a ternl of at least 45 years unless a sl�orter period is permi.tted by applicable financing sources. Subject to Developer's reasonable approval., City shall provide the fonn of rental an.d resale restrictions tl�at must be recorded, as applicable, against each On-Site Affor.dable Hon�e. The Parties aclrnowledge that the foregoing restrzctions are intended to be consistent with the requirements for satisfactio�� of redevelopment agency inclusionary housing production requirements and the use of redevclopm.ent agency housing set-aside funds pursuant to the CRL. Section 6. Locatio��. �o25s�ti-�� DRAFT 12-13-07(9:30 a.m.)