(1) Any development project to which this Chapter applies must provide affordable dwelling units by complying with one of the following requirements:
(a) Providing affordable housing as follows:
(.1) Making five percent (5%) of the dwelling units in the project affordable to households with incomes below eighty percent (80%) of AMI, such that the median price of these units is affordable to a household with income at forty percent (40%) of AMI; and
(.2) Making five percent (5%) of the dwelling units in the project affordable to households with incomes below one hundred twenty-five percent (125%) of AMI, such that the median price of these units is affordable to a household with income at AMI; or
(b) Constructing affordable dwelling units on an off-site location within the City in a number equal to or greater than the total number of dwelling units in the proposed residential development project multiplied by 0.15, provided that half of such units comply with subsection (a)(.1) above, and half of such units comply with subsection (a)(.2) above; and provided that the off-site proposal is approved by the Planning Commission; meets all zoning requirements of the district in which such units are proposed to be constructed; is completed no more than one (1) year after completion of the proposed residential development project; and complies with all other requirements of this Chapter. In the event the required number of off-site units are not available for occupancy within one year after a certificate of occupancy is issued for the original development project, the developer shall pay an Affordable Housing Fee to the City in accord with subsection (c), below, unless such one year period is extended by the Planning Commission, upon good cause shown.
(c) Payment of an Affordable Housing Fee to the City, calculated as follows:
(.1) Where the majority of units in a development are for sale, the Fee shall equal the difference between the Affordable Price and the Market Rate Price (but not more than the cost of construction of an affordable unit), multiplied by the number of affordable units otherwise required by subsection (a) above.
(.2) Where the majority of units in a development are for rent, the Fee shall equal the difference between the Fifteen Year Affordable Rent and the Fifteen Year Market Rate Rent, multiplied by the number of affordable units otherwise required by subsection (a) above.
Each year, in the annual operating budget ordinance, Council shall appropriate to the Mayor – Office of Housing and Community Development – Affordable Housing, subject to subsection 2-300(2)(d) of the Home Rule Charter, an amount equal to an estimate provided by the Director of Finance of total receipts under this subsection in the fiscal year immediately preceding the year for which appropriations are being made, with the expectation that such amounts will be deposited by the Director of Finance in the Housing Trust Fund, to be used for the purposes set forth in Chapter 21-1600.
(2) Any affordable dwelling units created shall be comparable in size, bedroom mix and quality of construction to the average market rate unit in the development.