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households. Affordable rents for units designated for lower- <br /> <br />income households shall be charged. For purposes of this chapter <br />and with respect to any one-bedroom unit, affordable rent means a <br />monthly rent which does not exceed thirty percent of one-twelfth <br /> <br />of the maximum household income at which a household of two <br /> <br />people qualify as a low-income household as stated in this <br /> <br />subsection. For purposes of this chapter and with respect to any <br />two-bedroom unit, affordable rent means a monthly rent which does <br />not exceed thirty percent of one-twelfth of the maximum household <br />income at which a household of four persons would qualify as a <br /> <br />low-income household within the meaning of this subsection. <br /> <br /> 2. Units designated for lower-income households shall <br />be of comparable size and quality as other units in the project. <br /> <br /> 3. A project developer shall enter into an agreement <br />which shall be recorded and run with the land, and this agreement <br />shall provide that an annual compliance statement be submitted to <br />the City for its review. <br /> <br /> B. A developer proposing a project meeting the criteria <br />se~ forth in this section may apply. for growth management <br />approval at any time during the year and with only such prior <br />approval and or project information as the City Council may <br />decide is sufficient to provide it with the information it needs <br />tO review the project's eligibility and value to the community. <br />Following a public hearing, the City Council may grant the <br />project growth management approval for such year or years as it <br />sees fit, consistent with General Plan goals and policies. <br /> <br /> 1. Once approved, a lower-income project shall be <br />subject to the same reallocation/lapsing provisions as projects <br />approved in the procedure described in Section 17.36.060. <br /> <br /> 12 <br /> <br /> <br />