RES 2024040 - Laserfiche WebLink

4879-3324-5885v3 3 “Actual Household Size" means the actual number of persons in the applicable household. “Adjusted for Family Size Appropriate for the Unit” shall be determined consistent with Section 42(g)(2) of the Internal Revenue Code of 1986 as amended, and applicable federal and CTCAC regulations. "Affordable Rent" means a monthly rent less a utility allowance and other fees and charges required to be paid by tenants of the Project on a non-optional basis in the amount not greater than the maximum rents specified in CTCAC Regulations for households of the applicable Area Median Income categories as set forth in Sections 3.2(c) and 3.2(d) of this Agreement. “Affordable Housing Monitoring Fee” is defined in Section 4.3. “Annual Report” is defined in Section 4.4. “Applicable Rules and Regulations” means the State of California and federal rules and regulations applicable to the Project, including without limitation, Sections 42 and 142 of the Internal Revenue Code of 1986, as amended, Treasury Regulations 26 CFR §1.42 et seq., and the CTCAC Regulations. “Area Median Income” or “AMI” means the median income for Alameda County, California, adjusted for Actual Household Size, as determined by HUD pursuant to Section 8 of the United States Housing Act of 1937 and as published from time to time by the State of California Department of Housing and Community Development (“HCD”) in Section 6932 of Title 25 of the California Code of Regulations or successor provision published pursuant to California Health and Safety Code Section 50093(c). “City’s Authorized Representative” means the City Manager of the City of Pleasanton. “City Documents” means collectively, the Loan Agreement, the Note, the Deed of Trust, the Ground Lease, and this Agreement. “Claims” means collectively, liabilities, losses, costs, expenses (including without limitation attorneys’ fees and costs of litigation), claims, demands, actions, suits, judicial or administrative proceedings, penalties, deficiencies, fines, orders, and damages. “CTCAC” means the California Tax Credit Allocation Committee. “CTCAC Regulations” means collectively, the CTCAC regulations published at Title 24 California Code of Regulations Section 10300 et seq., as may hereafter be amended, and CTCAC memoranda published annually setting forth maximum household income limits and maximum rents for projects financed with low-income housing tax credits.