Residential development projects that include three or more dwelling units shall include the construction of inclusionary units in accordance with this chapter, unless an alternative means of compliance is permitted in accordance with this chapter.
(A) Inclusionary requirements for for-sale dwelling units. Residential development projects that include for-sale dwelling units shall provide inclusionary units through one of the following means:
(1) For-sale residential development projects shall include deed restricted, for-sale moderate-income units equal to 20 percent of the total number of dwelling units in the project. The developer may, at its discretion, provide very low-income units or low-income units instead of moderate-income units.
(2) As an alternative to developing for-sale inclusionary units within the residential development project as set forth above, for-sale residential development projects may satisfy the requirements of this chapter by developing rental low-income units included within the residential development equal to 20 percent of the total number of for-sale and rental units included in the residential development. The developer may create a separate legal parcel within the residential development project upon which the rental low-income units may be located. The developer may, at its discretion, provide very low-income units instead of low-income units.
(B) Inclusionary requirements for rental units. Residential development projects that are comprised of rental units shall provide low-income inclusionary units included within the project equal to 15 percent of the total number of rental units in the residential development. The developer may, at its discretion, provide rental very low-income units instead of low-income units.
(C) Residential development projects with a combination of for-sale and rental dwelling units. When a project includes a combination of for-sale and rental units, the number and income levels for inclusionary units required for the project shall be calculated for each category of dwelling units (i.e., for-sale and rental) individually, and combined to comprise the residential development project's total inclusionary housing requirement pursuant to this chapter.
(D) Density bonus units. For purposes of calculating the number of inclusionary units required, any additional units authorized as density bonus units will not be counted in determining the required number of inclusionary units.
(E) Fractional units. If in computing the total number of inclusionary units required in a residential development project, there is a fractional unit required, the applicant shall pay a housing in-lieu fee in the amount determined in accordance with § 17.140.120 of this chapter, equal to the amount calculated for that fractional unit on a per dwelling unit basis, unless the applicant elects to round up to the nearest whole number of units and provide that unit.
(Ord. 884, passed 11-1-2023)