PC 2006-56 - Laserfiche WebLink

G. The City's adopted preference and priority system shall be used for determining eligibility among prospective beneficiaries for affordable housing units created through the Inclusionary Zoning Ordinance. Section 17.44.060. Affordable Housing Agreement An Affordable Housing Agreement shall be entered Into by the City and the Project Owner. The Agreement shall record the method and terms by which a Project Owner shall comply with the requirements of this Chapter. The approval and/or recordation of this Agreement shall take place prior to final map approval or, where a map is not being processed, prior to the issuance of building permits for such lots or units. The Affordable Housing Agreement shall state the methodology for determining a unit's initial and ongoing rent or sales and resale price(s), any resale restrictions, occupancy requirements, eligibility requirements, City incentives including second mortgages, recapture mechanisms, the administrative process for monitoring unit management to assure ongoing affordability and other matters related to the development and retention of the inclusionary units. In addition to the above, the Affordable Housing Agreement shall set forth any waiver of the Lower Income Housing Fee. For projects which meet the affordability threshold with Very Low and/or Low Income units, all units in the project shall be eligible for a waiver of the Lower Income Housing Fee. For Single Family Residential Projects which meet the affordability threshold with Moderate Income units, or Multiple Family Residential Projects which do not meet the affordability threshold, only the Inclusionary Units shall be eligible for a waiver of the Lower Income Housing Fee except as otherwise approved by the City Council. To assure affordability over the life of the unit, the Affordable Housing Agreement shall be recorded with the property deed or other method approved by the City Attorney. In the event an Inclusionary unit is affordable by design the Affordable Housing Agreement shall stipulate the method for assuring that the units retain their affordability as the housing market changes. The Director of Planning and Community Development may waive the requirement for an Affordable Housing Agreement for projects approved prior to the effective date of this ordinance and/or for projects that have their affordable housing requirements included in a development agreement or other City document Section 17.44.070. Incentives to Encourage On -Site Construction of Inclusionary Units The City shall consider making available to the Applicant incentives to increase the feasibility of residential projects to provide Inclusionary Units. Incentives or financial assistance will be offered only to the extent resources for this purpose are available and approved for such use by the City Council or City Manager, as defined below, and to the extent that the Project, with the use of incentives or financial assistance, assists in achieving the City's housing goals. However, nothing in this chapter establishes, directly or through implication, a right of an Applicant to receive any assistance or incentive from the City.