(a) The developer of any of the following types of development that creates 20 or more total dwelling units or preserves 20 or more NOAH units is eligible to use any of the following affordable housing tools and incentives for which it qualifies:
(1) New residential rental and for-sale construction;
(2) New mixed-use development with a residential rental or for-sale component;
(3) Purchase of an existing naturally occurring affordable housing complex;
(4) Renovation and acquisition of a multiple-family residential structure that preserves or increases the number of residential units from the number of units in the original structure;
(5) Conversion of an existing single-family residential structure to a multiple-family residential structure;
(6) Development that changes the use of an existing building from nonresidential to residential;
(7) Development that results in the conversion of rental residential property to condominium property; and
(8) Development located in the opportunity zone.
(b) For developments that include existing units affordable to households with incomes at or below 60% of AMI, to qualify for the tools and incentives of this article a development must have a net gain in total housing units on the site(s) of the development affordable to households with incomes at or below 60% of AMI that is equivalent or greater than the number required in § 9.06.
(c) A development that complies with the requirements of this chapter by payment pursuant to § 9.09 is not eligible to use the affordable housing tools and incentives described in this article.
(d) To use the tools and incentives described in this article, prior to issuance of a certificate of occupancy, the developer of a qualifying development must provide the city with record evidence of a covenant that maintains the opportunity housing units as affordable rental housing to households at or below 60% of AMI or affordable owner-occupied housing to households at or below 110% of AMI, or both as applicable, for a period of no less than 20 years.
(e) Use of an individual tool or incentive described in this article is prohibited if the City Council determines that the resulting development has the potential to negatively impact the surrounding neighborhood and that the negative impacts outweigh the positive benefits of the opportunity units created.
(f) The City Council may, at its sole discretion, allow use of the incentives for developments that create or preserve less than 20 units where the City Council finds it to be in the public's interest.