(A) All inclusionary units shall be reasonably dispersed throughout the residential development; shall be proportional, in number, bedroom size and location, to the market rate units; and shall be comparable with the market rate units in terms of the base design, appearance, materials and finished quality.
(B) All inclusionary units in a residential development shall be constructed concurrently with or prior to the construction of the market rate units. In the event the city approves a phased project, some inclusionary units as required by this chapter shall be provided within each phase of the residential development.
(C) Inclusionary units shall be reserved for low and moderate income households at the ratios established pursuant to § 23.15.040 and shall be provided at the applicable affordable housing cost.
(1) An inclusionary unit that is for rent shall remain reserved for the target income level group at the applicable affordable housing cost in perpetuity.
(2) An inclusionary unit that is for sale shall remain reserved for the target income level group at the applicable affordable housing cost for a period of 45 years.
(D) Notwithstanding division (C)(2) of this section, inclusionary units for sale may be sold to an above moderate income purchaser in accordance with procedures set forth in the regulations, provided that the sale shall result in a recapture by the city or its designee of a financial interest in the unit equal to (1) the difference between the initial affordable sales price and the appraised value at the time of the initial sale, and (2) a proportionate share of any appreciation.
(Ord. 4823, passed 1-22-24)