a.“Affordable” means low- or moderate-income individuals as provided in the CRA.

b.“Community development” means: (i) affordable housing for low- or moderate-income individuals; (ii) community services targeted to low- or moderate-income individuals; and (iii) activities that promote economic development by financing small businesses.

c.“CRA” means the Community Reinvestment Act of 1977 (12 U.S.C. Section 2901 et seq.) as may be amended.

d.“Depository” means a financial institution that is selected by the City Finance Director/City Treasurer and designated to receive deposits of Monterey’s funds.

e.“Low-income” means individual income that is less than 50% of the area median income, or a median family income that is less than 50% of the area median family income.

f.“Moderate-income” means an individual income that is at least 50% and less than 80% of the area median income, or a median family income that is at least 50% and less than 80% of the area median family income.

g.“Predatory lending practices” are practices that are specifically prohibited by State or Federal law, including such practices as: (i) the frequent making of new loans to refinance existing loans; (ii) the selling of additional products without the borrower’s informed consent; and (iii) the charging of excessive fees. (Ord. 3526 § 3, 2015)