(a) Based on research conducted in support of this section and pursuant to §§ 9.01 through 9.03, a verified payment in lieu rate is hereby established as set forth in City Code Appendix A per square foot and is calculated based on the leasable market rate unit square footage of the interior unit only, and not the total building square footage. For sale unit in lieu payment is calculated based upon the livable square footage only.
(b) The opportunity housing requirement in § 9.06 may be satisfied by making a payment to the Affordable Housing Trust Fund established by this chapter in lieu of constructing the opportunity housing units, provided that such payment is received by the city prior to the issuance of the building permit for the project.
(c) If a developer chooses not to construct a portion of the required opportunity housing units mid project, the developer may make a payment in lieu of developing the remaining units that is proportional to the requirement of this section, provided that such payment is received by the city prior to the issuance of the building permit for the project.
(d) If a developer chooses the in lieu payment, the fee in-lieu must be paid to the Affordable Housing Trust Fund, but the developer may assign the in lieu payment to another housing development when it is:
(1) To a development by the same developer that will include at least the sum amount of units that is no less than 9% of the total dwelling units in the developer's original housing development in addition to 11% of the total dwelling units in the proposed development, affordable to households at or below 60% AMI provided the development receives city final development plan approval within 24 months of issuance of building permit for the market rate development;
(2) To a development by different developer that will include at least the sum amount of units that is no less than 9% of the total dwelling units in the developer’s original housing development in addition to 11% of the total dwelling units in the proposed development, affordable to households at or below 60% of AMI provided the development receives city final development plan approval within 24 months of issuance of building permit for the market rate development; or
(3) To a NOAH property in the city to maintain, rehabilitate, and preserve the existing affordable housing units within 24 months provided the developer submits a maintenance repair plan and enters into an affordable housing agreement approved by the city.
(g) Interest earned from in lieu payment held in the Affordable Housing Trust Fund will be exclusively directed to the Affordable Housing Trust Fund. The Affordable Housing Trust Fund will retain, manage, and utilize the earned interest for affordable housing activities.
(h) If the requirements of § 9.09(d) are not met by the stated deadline, in lieu payment will be released to the Affordable Housing Trust Fund for affordable housing activities.
(i) If a housing development pursuant to the requirements of § 9.09(d) receives city final development plan approval but the approval expires or is cancelled by the developer for any reason, in lieu payment will be released to the Affordable Housing Trust Fund for affordable housing activities.
(j) If a NOAH project pursuant to the requirements of § 9.09(d) enters into an affordable housing agreement approved with the city but loses its status as NOAH, in lieu payment will be released to the Affordable Housing Trust Fund for affordable housing activities.