ORD 2286 - Laserfiche WebLink

Ordinance No. 2286 Page 9 of 12 B. For-sale affordable units provided by a housing development to meet state density bonus requirements shall be subject to a recorded affordable housing agreement approved as to form by the city attorney commencing upon the issuance of certificates of occupancy. The affordable housing agreement shall, at a minimum, require that: 1. Each for-sale affordable unit shall be sold to an income qualified household at an affordable housing cost, as defined in the affordable housing agreement; and 2. Each for-sale affordable unit shall be sold to the initial purchaser subject to a recorded resale restriction agreement approved as to form by the city attorney, which shall: a. Have no less than a 45-year term or as required by chapter 17.44 of this title if required by another public financing source or law; b. Restrict the resale price of the unit to an affordable housing cost,as defined in the resale restriction agreement; and c. Require that if the unit is sold to a subsequent purchaser during the term of the agreement,the purchaser shall purchase the unit subject to a resale restriction agreement approved as to form by the city attorney with a new 45-year term or longer if required by another public financing source or law. 17.38.060 Density bonus calculations. A. In determining the total number of units to be granted,each component of any density calculation, including base density and bonus density,resulting in fractional units shall be separately rounded up to the next whole number. B. When calculating the number of affordable units needed to qualify for a given density bonus,any fractions of affordable dwelling units shall be rounded up to the next whole number. C. Except where a housing development is eligible for an additional bonus pursuant to Government Code Section 65915(v),each housing development is entitled to only one density bonus. If a housing development qualifies for a density bonus under more than one category,the applicant shall identify the category under which the density bonus is requested to be granted. D. In determining the number of affordable units required to qualify a housing development for a density bonus pursuant to state density bonus law, units added by a density bonus are not included in the calculations. Any on-site units shall satisfy the city's inclusionary housing requirements in chapter 17.44. Payment of fees in lieu of providing affordable units under chapter 17.44 does not qualify a housing development for a density bonus. E. The applicant may elect to accept a lesser percentage of density bonus than the housing development is entitled to, or no density bonus, but no reduction will be permitted in the percentages of affordable units required by state density bonus law. Regardless of the number of affordable units, no housing development shall be entitled to a density bonus greater than what is authorized under state density bonus law.