PC 2006-56 - Laserfiche WebLink

Inclusionary Unit Credits: Credits approved by the City Council in the event a project exceeds the total number of lnclusionary Units required in this Chapter. Inclusionary Unit Credits may be used by the Project Owner to meet the affordable housing requirements of another project subject to approval by the City Council. 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 on which the City of Pleasanton performs final inspection for the building permit. Lower Income Housing Fee: A fee paid to the City by an applicant for a project in the City, in lieu of providing the Inclusionary Units required by this Chapter. Median Income for Alameda County: The median gross annual income in Alameda County as determined by HUD, adjusted for household size. Off -Site Inclusionary Units: Inclusionary Units constructed within the City of Pleasanton on a site other than the site where the applicant intends to construct market rate units. Ownership Units: Inclusionat Units developed as part of a residential development which the Applicant intends will be sold, or which are customarily offered for individual sale. 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. Proiect: A residential housing development at one location or site including all dwelling units for which permits have been applied for or approved. p_wnerofan Tn�innaiy TTnit,excepting 'S_'Project Rental Units: Inclusionary Units which the Applicant intends will be rented or leased, or which are customarily offered for lease or rent. RRaptlue Mechanisms: Legal programs and restrictions by which subsidies provided to Inclusionary Units will be controlled and repaid to the City and/or other entity upon resale, to insure the ongoing preservation of affordability of Inclusionary Units or to insure funds for Inclusionary Units remain within the City's affordable housing program. Resale Restrictions: Legal restrictions which restrict the price of Inclusionary Units to insure that they remain affordable to Very Low, Low, and Moderate Income households on resale.