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"Housing Director" means the Director of the Housing and Community <br />Development Department of the County's Community Development Agency, or her <br />designee. <br />"Initial Approval" means the Housing Director's approval of a particular property <br />for inclusion in the Program, which approval is conditioned upon the Housing Director's <br />receipt of documentation confirming that (i) the property is a Qualifying Property, and, <br />(ii) if NSP funds are used to finance the purchase of the property, the purchase price does <br />not exceed the Qualifying Purchase Price. <br />"Loan" means the loan of NSP funds by the County to CONTRACTOR which <br />represents the amount of NSP funding invested into a Subject Property as outlined in the <br />NSP Property Budget at the close of acquisition and evidenced by a deed of trust. It is <br />expected that a portion of this funding will convert to a grant at sale to an Eligible <br />Purchaser or CONTRACTOR. <br />"Loan Documents" means the documents executed or recorded against each <br />Subject Property, which could include (i) a loan agreement between the County and <br />Contractor, which sets forth the terms of the Loan, the manner in which NSP funds are <br />available to Contractor, and the terms of repayment (a "Loan Agreement"), (ii) a <br />promissory note for the NSP funds in favor of the County ,evidencing Contractor's <br />promise to repay the Loan in accordance with the terms of the Loan Agreement, (iii) a <br />deed of trust, giving the County a security interest in the Subject Property, and, if <br />requested by Contractor, (iv) a subordination agreement, under which the County <br />subordinates its security interest in the Subject Property to that of Contractor's <br />conventional lender(s). <br />"Low Income" means a household with an annual income equal to or less than <br />fifty percent (50%) of the area median income, as defined by the U.S. Department of <br />Housing and Urban Development for the San Francisco-Oakland-Fremont Metropolitan <br />Statistical Area. <br />"Moderate Income" means a household with an annual income equal to or less <br />than eighty percent (80%) of the area median income, as defined by the U.S. Department <br />of Housing and Urban Development for the San Francisco-Oakland-Fremont <br />Metropolitan Statistical Area. <br />"Middle Income" means a household with an annual income equal to or less than <br />one hundred twenty (120%) of the area median income, as defined by the U.S. <br />Department of Housing and Urban Development for the San Francisco-Oakland-Fremont <br />Metropolitan Statistical Area. <br />"Program Income" means gross income received by the recipient or a subrecipient <br />directly generated from the use of NSP or CDBG funds, as defined in CFR 570.500(a). <br />6 of 55 <br />