ORD 2287 - Laserfiche WebLink

Ordinance No. 2287 Page 10 of 21 prior to issuance of building permit. If the project design changes, which results in a change in the number of inclusionary units required, the number of inclusionary units required shall be recalculated to coincide with the final approved project. In applying and calculating the number of inclusionary units required based on the specified percentage, any decimal fraction less than or equal to 0.50 may be disregarded. and any decimal fraction greater than 0.50 shall be construed as one unit. B. Residential For-Sale Projects. For all new for-sale residential project, and where the project would include 10 residential units or more, at least fifteen (15) percent of the project's dwelling units shall be affordable to very-low, low- or moderate-income households as specified. These units shall be referred to as"Inclusionary Units." The applicant shall not be prohibited from deepening the level of affordability in the project listed in subsection 1 below. The Inclusionary Units shall be reserved for purchase by eligible households, in the following proportions. The applicant shall not be prohibited from deepening the level of affordability in the project: 1. 100 percent of the inclusionary units at a sales price affordable to a household whose income is no more than 120%of the Area Median Income. C. Residential Rental Projects. For all new residential rental projects, including where the rental units are part of a mixed use projects, and where the project would include 10 residential units or more, at least 15 percent of the project's dwelling units shall be affordable to very-low [and/] or low-income households as specified. These units shall be referred to as "Inclusionary Units." The applicant is not precluded from deepening the level of affordability in the project listed in subsection 1 and 2 below. The Inclusionary Units shall be reserved for rent to eligible households within each income category as specified, in the following proportions. The applicant is not precluded from deepening the level of affordability in the project: 1. 50 percent of the inclusionary units at a sales price affordable to a household whose income is no more than 50%of the Area Median Income. 2. 50 percent of the inclusionary units at a sales price affordable to a household whose income is no more than 60% of the Area Median Income D. Commercial, Office, and Industrial (COI) Development. COI projects shall be subject to the affordable housing fee as set forth in Chapter 17.40. In lieu of paying the affordable housing fee, COI developments as defined in this chapter may provide rental or for-sale affordable housing consistent with this chapter, and with the requirements of Section 17.40.060. A COI development proposing to provide affordable housing in lieu of paying the fee shall submit an affordable housing proposal as set forth in Section 17.44.090 of this chapter. Upon submittal of the affordable housing proposal, city staff will meet with the developer to discuss the potential for providing incentives to encourage on-site construction of affordable housing units and alternatives to constructingaffordable units as set forth in this chapter. In the event a developer P P requests incentives or alternatives as a means of providing affordable housing in connection with a COI development, the affordable housing proposal will be reviewed as set forth in Section 17.44.090 of this chapter.