Agmt08 R.C. Peninsula Park, LLC - Laserfiche WebLink

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underwriting criteria, Developer shall be permitted to apply the affordability requirements and underwriting criteria applicable to such financing sources in lieu of the definitions set forth in this Section, and the affordability covenants required to be recorded by this Affordable Housing Plan may be subordinated to the affordability covenants required by other lenders or programs, such as CalHF A 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 120% of Area Median Income, adjusted for household size, and does not exceed one hundred fifty percent (150%) of the Area Median Income, adjusted for household size. (b) "Adjusted for family size appropriate for the home" means the following: for studio apartments - one person; for one-bedroom homes - two persons; for two-bedroom homes- three persons; for three bedroom homes - four persons; and for four-bedroom homes - five persons. (c) "Affordable Rent" means a monthly rent that does not exceed one-twelfth (tIlth) of the following, less a utility allowance and such other adjustments as required pursuant to the CRL or other applicable financing source: (i) For Very Low-Income Households: 30% times 50% of Area Median Income, adjusted for family size appropriate for the home. (ii) For Low-Income Households: 30% times 60% of Area Median Income, adjusted for family size appropriate for the home. (iii) For Moderate-Income Households: 30% times 110% of Area Median Income, adjusted for family size appropriate for the home. (iv) For Above Moderate-Income Households: 30% times 150% of Area Median Income, adjusted for family size appropriate for the home. (d) "Affordable Sales Price" means the maximum purchase price that would enable an Eligible Purchaser to purchase a home with a Monthly Owner-Occupied Housing Payment that does not exceed Affordable Housing Cost as defined in Section 50052.5(b) of the California Health and Safety Code. With respect to Above Moderate -Income Households, "Affordable Sales Price" means the maximum purchase price that would enable an Eligible Purchaser of Above Moderate -Income to purchase a home with a Monthly Owner-Occupied Housing Payment that does not exceed 35 percent times 150% of Area Median Income adjusted for family size appropriate for the home or such greater percentage as may be permitted pursuant to underwriting standards promulgated by CalHF A, Fannie Mae, Freddie Mac or other sources of financing, if applicable. (e) "Area Median Income" means the median household income, adjusted for household size, applicable to San Mateo County, California, as annually estimated by the United ATTY/AGR/2008.013 Exhibit C 022708 4