OPA: Grimshaw House - City of Anaheim

(A) Recordation of Declaration of Covenants, Conditions and
Restrictions. Developer shall have recorded the Declaration of
Covenants, Conditions and Restrictions against each of the
Housing Parcels developed with Market Rate Housing Units.
(B) Formation of Homeowners Association. Developer shall have
formed the Homeowners’ Association.
504.2 Creation of Affordable Housing Units. Developer covenants and agrees
to conduct the Initial Sales so as to provide the Affordable Housing Units at
Affordable Housing Costs to Low or Moderate Income Households as set forth in
this Section.
(A) INTENTIONALLY OMITTED.
(B) Sales Prices. The Initial Sales of the Affordable Housing Units
shall be made at the applicable Affordable Housing Cost.
(C) Selection of Buyers. Prospective Initial Buyers shall be selected
by Developer in accordance with the Marketing Plan. However,
prior to closing an Initial Sale of an Affordable Unit, Agency shall
submit to Developer a completed income computation and
certification form, together with all supportive documentation for
each prospective Initial Buyer. Gross household income shall be
determined in accordance with California Code of Regulations
Section 6914, as amended. The income certification form shall
demonstrate that the prospective Initial Buyer is a Low or
Moderate Income Household and that such person satisfies the
eligibility criteria established for the relevant Affordable Housing
Unit.
Agency shall verify the income certification of each
prospective Initial Buyer of an Affordable Housing Unit by
utilizing at least one (1) of the following methods:
(i) obtain two (2) paycheck stubs from the person’s two
(2) most recent pay periods;
(ii) obtain a true copy of an income tax return filed by
the person for the most recent year in which a tax
return was filed;
(iii) obtain an income verification certification from the
person’s employer;
43