The City shall grant either: a Density Bonus, or a Density Bonus with an Additional Incentive(s),or Equivalent Financial Incentives, as set forth in Section 17.21.050 of this Chapter, to an applicant or developer of a Housing Development, who agrees to provide the following:
(1) At least 20 percent of the total units of the Housing Development as Target Units affordable to Lower Income Households; or
(2) At least 10 percent of the total units of the Housing Development as Target Units affordable to Very Low Income Households; or
(3) Senior citizen housing.
In determining the minimum number of Density Bonus Units to be granted pursuant to this Section, the Maximum Residential Density for the site shall be multiplied by .25. When calculating the number of permitted Density Bonus Units, any fractions of units shall be rounded to the next larger integer.
In determining the number of Target Units to be provided pursuant to this Section, the Maximum Residential Density shall be multiplied by .10 where Very Low Income Households are targeted, or by .20 where Lower Income Households are targeted. The Density Bonus Units shall not be included when determining the total number of Target Units in the Housing Development. When calculating the required number of Target Units, any resulting decimal fraction shall be rounded to the next larger integer. In cases where a density increase of less than 25 percent is requested, no reduction will be allowed inthe number of Target Units required. In cases where a density increase of more than 25 percent is requested, the requested density increase, if granted, shall be considered an Additional Incentive, as outlined in Section 17.21.050 of this Chapter.
In cases where the developer agrees to construct more than 20 percent of the total units for Lower Income Households, or more than 10 percent of the total units for Very Low Income Households, the developer is entitled to only one Density Bonus and an Additional Incentive(s) (or an Equivalent Financial Incentive) pursuant to Section 17.21.050 of this Chapter. Similarly, a developer who agrees to construct Senior Citizen Housing with 20 or 10 percent of the units reserved for Lower- or Very Low-Income Households, respectively, is only entitled to one Density Bonus and an Additional Incentive(s). The City may, however, grant multiple Additional Incentives to facilitate the inclusion of more Target Units than are required by this Chapter.