(A) Recording, covenant and city review. An agreement shall be recorded in the County Recorder’s office and shall constitute a covenant running with the land. The agreement shall ensure continued affordability of all low- and very low income units that qualified for a density bonus award for 30 years or a longer period of time pursuant to Cal. Gov’t Code § 65915. Individual, affordable, for-sale housing units shall be owner-occupied. Upon change in ownership of an affordable housing unit, notice shall be given to the city. The city shall review each owner proposed to occupy an affordable housing unit to determine eligibility of such owner.
(B) City’s right of refusal. The city shall have the right of refusal to lease affordable rental housing units. The city shall assign units to prospective tenants determined to be eligible by the city. Upon subsequent termination of tenancy, the right of refusal shall revert to the city for subsequent assignment to an eligible tenant.
(Ord. 1346, passed 5-2-12)