(A) A total of 15% of all newly constructed dwelling units in residential developments shall be developed, offered to and sold or rented to low and moderate income households, at an affordable housing cost, as per the following breakdown:
(1) Nine percent of all newly constructed dwelling units shall be sold or rented to low income households;
(2) Six percent of all newly constructed dwelling units shall be sold or rented to moderate income households.
(B) The inclusionary unit requirement set forth in subsection (A) of this section may be reduced as follows:
(1) If very low income units are provided in lieu of required low income units, a credit of 1.5 units to every one unit shall be provided;
(2) If very low income units are provided in lieu of required moderate income units, a credit of two units to every one unit shall be provided;
(3) If low income units are provided in lieu of required moderate income units, a credit of 1.5 units to every one unit shall be provided.
(C) In calculating the required number of inclusionary units, fractional units of .75 or above will be rounded up to a whole unit if the residential development consists of ten to 20 units; fractional units of .50 or above will be rounded up to a whole unit if the residential development consists of 21 or more units.
(Ord. 4778, passed 9-28-20)