If at any time the rental rates for any such housing for elderly and handicapped persons constructed pursuant to this article are not subject to the control of a federal, state, or other public agency, then the rental rates for any such housing shall be set by the planning commission as a condition of issuing a conditional use permit in accordance with regulations adopted by the council by resolution. Such regulations shall provide for the setting of rental rates which shall make such housing affordable at all times to elderly and handicapped persons whose incomes would otherwise restrict their opportunities to find adequate rental housing in the city and that such rental rates shall not be increased except as provided by the city in accordance with said regulations. The owner of the property subject to a conditional use permit as provided for in this article shall file a covenant with the director of building and safety, prior to the issuance of a building permit, such covenant to be approved by the city attorney and to be recorded. Such covenant shall provide that rents for the units in the building shall not exceed the rents set by the planning commission, except as otherwise approved by the city. (Ord. 79-O-1751, eff. 12-6-1979)