NEIGHBORHOOD STABILIZATION PROGRAM 2

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