RecDoc 2010-115130 (2) - Laserfiche WebLink

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(iii) For Moderate - Income Households: 30% times 110% 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 thirty -five percent (35 %) (or such greater percentage as may be permitted pursuant to underwriting standards promulgated by CaIHFA, FHA, Fannie Mae, Freddie Mac or other sources of financing, if applicable) times 120% of Area Median Income for Moderate - Income Households, adjusted for family size appropriate for the home. In connection with the sale of On -Site Affordable Homes, a downpayment of at least ten percent (10 %) shall be required; provided however, the homebuyer may voluntarily make a larger downpayment. Nothing in this Affordable Housing Plan is intended to or shall be construed to prevent homebuyers from participating in downpayment assistance programs provided by City, HCD, CaIHFA, the Developer, or any other entity. (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 States Department of Housing and Urban Development pursuant to Section 8 of the United States Housing Act of 1937, as amended, and as published by the State Department of Housing and Community Development in the California Code of Regulations, Title 25, Section 6932 pursuant to California Health and Safety Code Section 50093(c) (or successor provision). (f) "Eligible Purchaser" means a household whose gross household income does not exceed Moderate - Income, adjusted for household size. (g) "Low- Income" means an annual household gross income that is greater than fifty percent (50 %) of Area Median Income, adjusted for household size, and does not exceed eighty percent (80 %) of the Area Median Income, adjusted for household size. (h) "Moderate- Income" means an annual household gross income that is between one hundred ten percent (110 %) of Area Median Income, adjusted for household size, and one hundred twenty percent (120 %) of Area Median Income, adjusted for household size. (i) "Monthly Owner - Occupied Housing Payment" means the annual amount divided by twelve which is payable for principal and interest due on the homeowner's mortgage. (j) "Very Low - Income" means an annual household gross income of not greater than fifty percent (50 %) of Area Median Income, adjusted for household size. 4.2 Term of Affordability. Developer shall be responsible for determining that the On -Site Affordable Homes are initially sold to Eligible Purchasers at the designated income levels and shall require prospective purchasers to provide income certification S:ATTY /AGR/2010.111 EXHIBIT 2 5 9/28/10