Laserfiche WebLink
� r <br /> SECTION 1. DEFINITIONS. <br /> Unless otherwise expressly provided herein or unless the context clearly <br /> requires otherwise, the following terms shall have the respective meaning set forth <br /> below for all purposes of this Regulatory Agreement: <br /> CONTRACT: Means the Loan Agreement entered into between the Developer and <br /> the City governing the use of HOME funds for the Project. <br /> CITY: Means City of San Leandro, a municipal corporation, and its successors. <br /> DATE OF INITIAL OCCUPANCY: Means the date that the Project is first <br /> occupied by tenants following completion of construction. <br /> HOME: Means the HOME Investment Partnership Program established by the <br /> National Affordable Housing Act of 1990. <br /> HUD: Means the United States Department of Housing and Urban Development <br /> and its successors. <br /> INCOME CERTIFICATION: Means a certification as to income executed by a <br /> household in the Project. <br /> LOW INCOME TENANTS: Low Income Tenants means the occupants of a <br /> HOME unit in the Project whose household income, adjusted for household size, as <br /> computed pursuant to the Income Certification, does not exceed sixty percent (60%) <br /> of the Median Gross Income for the Area. Determination of the status of an <br /> occupant of a HOME unit as a Low Income Tenant shall be made upon initial <br /> occupancy of a unit in the Project by such occupant and recertified annually. A <br /> tenant who qualifies as a Low Income Tenant remains qualified as a Low Income <br /> Tenant even if such household's income rises above the limit established in this <br /> section but does not exceed eighty percent (80%) of the Median Gross Income for <br /> the Area. <br /> MEDIAN GROSS INCOME FOR THE AREA: Means the median income for the <br /> Oakland Primary Metropolitan Statistical Area ("PMSA") as determined by the <br /> Secretary of Housing and Urban Development under Section 8(f)(3) of the United <br /> States Housing Act of 1937, as amended. In the event that programs under Section <br /> 8(f) are terminated, the median income shall be determined per written direction of <br /> the City in a manner similar to current formula determination. <br /> 1 <br />