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Household, Moderate Income: A household whose annual income is more than 80% but does <br />not exceed 120% of the annual median income for Alameda County, based upon the annual <br />income figures provided by HUD, as adjusted for household size. <br /> <br />Household, Very Low Income: A household whose annual income does not exceed 50% of the <br />annual median income for Alameda County, based upon the annual income figures provided by <br />HUD, as adjusted for household size. <br /> <br />HUD: The United States Department of Housing and Urban Development or its successor. <br /> <br />Inclusionarv Unit: A Dwelling Unit as required by this Chapter which is rented or sold at <br />Affordable Rents and/or Affordable Sales Prices (as defined by this Chapter) to Very Low, Low, <br />or Moderate Income Households. <br /> <br />Inclusionary Unit Credits: Credits approved by the City Council in the event a project exceeds <br />the total number oflnclusionary Units required in this Chapter. Inclusionary Unit Credits may <br />be used by the Project Owner to meet the affordable housing requirements of another project <br />subject to approval by the City Council. <br /> <br />Income: The gross annual household income as defined by HUD. <br /> <br />Life of the Inclusionarv Unit: The term during which the affordability provisions for <br />Inclusionary Units shall remain applicable. The affordability provisions for inclusionary units <br />shall apply in perpetuity from the date of occupancy, which shall be the date on which the City <br />of Pleasanton performs final inspection for the building permit. <br /> <br />Lower Income Housing Fee: A fee paid to the City by an applicant for a project in the City, in <br />lieu of providing the Inclusionary Units required by this Chapter. <br /> <br />Median Income for Alameda County: The median gross annual income in Alameda County as <br />determined by HUD, adjusted for household size. <br /> <br />Off-Site Inclusionarv Units: Inclusionary Units constructed within the City of Pleasanton on a <br />site other than the site where the applicant intends to construct market rate units. <br /> <br />Ownership Units: Inclusionary Units developed as part of a residential development which the <br />Applicant intends will be sold, or which are customarily offered for individual sale. <br /> <br />Project Owner: Any person, finn, partnership, association, joint venture, corporation, or any <br />entity or combination of entities which holds fee title to the land on which the project is located. <br /> <br />Project: A residential housing development at one location or site including all dwelling units <br />for which permits have been applied for or approved. <br /> <br />Property Owner: The owner of an Inclusionary Unit, excepting a "Project Owner". <br /> Ordinance No. 1818 <br /> Page 3 <br /> <br /> <br />