(a) Prior to the issuance of a building permit for any units in an affordable housing development or any development, including NOAH preservation, in which an opportunity housing unit is required, the applicant must have entered into a development agreement with the city. The development agreement must set forth the commitments and obligations of both the city and the applicant, including those requirements and limitations set forth in this chapter, such as, but not limited to, the affordable housing plan.
(b) The applicant must execute any and all documents deemed necessary by the city in a form to be established by the city, including without limitation, covenants, deed restrictions, and related instruments, including requirements for income qualification to ensure the continued affordability of the opportunity housing units in accordance with this chapter.
(c) The development agreement may contain a right of first refusal statement providing the city, or another entity, with the option to purchase the property to preserve the opportunity housing units before the development is placed on the open market for resale.
(Ord. 2019-16, passed 2-25-2019)