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-- 5 -- SB 435 <br /> <br /> 1 value at the time of the resale shall be used as the initial market <br /> 2 value. <br /> 3 (C) For purposes of this subdivision, the local government's <br /> 4 proportionate share of appreciation shall be equal to the ratio of <br /> 5 the initial subsidy to the fair market value of the home at the time <br /> 6 of initial sale. <br />7 (d) (1)An applicant for a density bonus pursuant to <br />8 subdivision (b) may submit to a city, county, or city and county a <br />9 proposal for the specific incentives or concessions that the <br />10 applicant requests pursuant to this section, and may request a <br />11 meeting with the city, county, or city and county. The city, <br />12 county, or city and county shall grant the concession or incentive <br />13 requested by the applicant unless the city, county, or city and <br />14 county makes a written finding, based upon substantial evidence, <br />15 of either of the following: <br />16 (A) The concession or incentive is not required in order to <br />17 provide for affordable housing costs, as defined in Section <br />18 50052.5 of the Health and Safety Code, or for rents for the <br />19 targeted units to be set as specified in subdivision (c). <br />20 (B) The concession or incentive would have a specific adverse <br />21 impact, as defined in paragraph (2) of subdivision (d) of Section <br />22 65589.5, upon public health and safety or the physical <br />23 environment or on any real property that is listed in the <br />24 California Register of Historical Resources and for which there is <br />25 no feasible method to satisfactorily mitigate or avoid the specific <br />26 adverse impact without rendering the development unaffordable <br />27 to low- and moderate-income households. <br />28 (2) The applicant shall receive the following number of <br />29 incentives or concessions: <br />30 (A) One incentive or concession for projects that include at <br />31 least 10 percent of the total units for lower income households, at <br />32 least 5 percent for very low income households, or at least 10 <br />33 pement for persons and families of moderate income in a <br />34 common interest development. <br />35 (B) Two incentives or concessions for projects that include at <br />36 least 20 percent of the total units for lower income households, at <br />37 least 10 percent for very low income households, or at least 20 <br />38 percent for persons and families of moderate income in a <br />39 common interest development. <br /> <br /> 97 <br /> <br /> <br />