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Ordinance No. Page 5 of 16 b. “Household, moderate income.” A household whose annual income is more than 80 percent but does not exceed 120 percent of the area median income (AMI) for San Francisco-Oakland-Fremont Metropolitan Statistical Area, based upon the annual income figures provided by HUD, as adjusted for household size. c. “Household, very low income.” A household whose annual income does not exceed 50 percent of the area median income (AMI) for San Francisco- Oakland-Fremont Metropolitan Statistical Area, based upon the annual income figures provided by HUD, as adjusted for household size. “Inclusionary unit.” A dwelling unit as required by this chapter which is rented or sold at affordable rents and/or affordable sales prices (as defined by this chapter) to very-low-, low-, or moderate-income households. “Income.” The gross annual household income as defined by HUD. “Life of the inclusionary unit.” The term during which the affordability provisions for inclusionary units shall remain applicable. The affordability provisions for inclusionary units shall apply in perpetuity from the date of occupancy, which shall be the date the City performs final inspection for the building permit. “Living Area.” The gross area of all floors of a residential structure excluding: basement or cellar areas used for storage only; space used for off-street parking (i.e., garages) or loading, steps, patios, decks, terraces, porches, and exterior balconies, if not enclosed on more than three sides. “Median income for San Francisco-Oakland-Fremont Metropolitan Statistical Area.” The median gross annual income in San Francisco-Oakland-Fremont Metropolitan Statistical Area as determined by HUD, adjusted for household size. “Ownership units.” Inclusionary units developed as part of a residential development which the applicant intends to be sold, or which are customarily offered for individual sale. “Project.” A residential housing development at one location or site including all dwelling units for which permits have been applied for or approved. “Project owner.” Any person, firm, partnership, association, joint venture, corporation, or any entity or combination of entities which holds fee title to the land on which the project is located. “Property owner.” The owner of an inclusionary unit, excepting a “project owner.” “Rental units”: Inclusionary units which the applicant intends to be rented or leased, or which are customarily offered for lease or rent. “Resale restrictions.” Legal restrictions which restrict the price of inclusionary units to ensure that they remain affordable to very low-, low-, and moderate-income households on resale. “Residential project, multiple-family.” A residential project consisting of condominiums, apartments, and similar dwellings attached in groups of four or more units per structure and including multiple units located on a single parcel of land under common ownership. Page 119 of 270