(A) Affordable units. To be eligible for the provisions of this chapter, at least twenty percent (20%) of all units within the housing development project shall be rented or sold to lower income households. In calculating the required number of affordable units, all fractional units shall be rounded up to the next whole number.
(B) Affordable rent or housing cost. The affordable units shall be sold or rented at an affordable housing cost or affordable rent.
(C) Timing of construction. The affordable units shall be constructed within the housing development project concurrently with, or prior to, the construction of any market rate units, provided that if the housing development project is developed in phases, a proportionate number of affordable units shall be constructed in each phase concurrently with, or prior to, the construction of any market rate units in that phase.
(D) Quality. The affordable units shall be constructed with the same quality of design, appearance, materials, and finishes as any market rate units.
(E) Size. The size of the affordable units and the number of bedrooms and different unit plan types shall be as provided in the High Density Residential and Mixed Use Objective Development Standards as adopted by resolution of the City Council.
(F) Regulatory agreement. A legally binding regulatory agreement in a form approved by the City Attorney shall be executed and recorded against the property on which the housing development project is to be constructed to ensure continued affordability of the affordable units for a period of not less than thirty (30) years. The regulatory agreement shall be recorded against the property prior to the recordation of any final map, or the issuance of building permits for the housing development project, whichever comes first. The regulatory agreement shall be binding on all future owners and successors in interest. The City Manager shall be authorized to execute the regulatory agreement on behalf of the city.
(Ord. 3360 § 3 (part), 2023.)