(A) No residential development subject to this chapter shall be approved or deemed approved without approval of an inclusionary housing plan as provided herein.
(B) Submittal of inclusionary housing plan. The applicant for a residential project subject to this chapter shall submit an inclusionary housing plan in conjunction with its application for discretionary approvals required of the town for the residential development, or if no discretionary approvals are required, in conjunction with the application for the first ministerial permit or approval required for the residential development. The inclusionary housing plan shall be in a form as required by the town and shall include the following information as applicable based on the applicant's method of compliance with this chapter:
(1) Whether the residential development is for-sale or rental;
(2) How the inclusionary housing requirement will be satisfied pursuant to this chapter;
(3) The number, unit type, tenure, number of bedrooms, approximate location, size and design, construction and completion schedule of all inclusionary units;
(4) For off-site development of inclusionary units, such information as is required to demonstrate compliance with § 17.140.070;
(5) Phasing of inclusionary units in relation to market rate units;
(6) The amount of in-lieu fees to be paid by applicant, if applicable.
(7) Provide a plan for collecting sufficient reserves for the ongoing repair and maintenance of below-market rate rental units which shall not compromise the affordability of the below-market rate rental units.
(8) Any other information reasonably requested by the Town Manager to assist with evaluation of the plan under the requirements of this chapter.
(9) Acknowledgement that an instrument as specified by the town restricting the inclusionary unit(s) as affordable shall be recorded against every inclusionary unit for required affordability for 55 years and that a recordable affordable housing agreement shall be entered into by the applicant and any other necessary party, and/or that all required in-lieu fees shall be paid at the time set forth in this chapter.
(C) Approval of inclusionary housing plan.
(1) In the event that the residential development project requires discretionary approvals in order to be developed, the inclusionary housing plan shall be considered with the application for such inclusionary approvals by the entity responsible for reviewing such discretionary approvals and may be appealed in accordance with the appeals procedures established for such approvals.
(2) In the event that the residential development project does not require discretionary approvals in order to be developed, the inclusionary housing plan shall be considered by the Town Manager and shall be approved prior to the issuance of any ministerial permits required for the project. The Town Manager's decision is final unless a written appeal is filed with the Town Clerk's office within ten days from the date of issuance of the Town Manager's decision under this title. In the event of an appeal, the Town Council's decision shall be final.
(3) Notwithstanding the foregoing, in the event the applicant desires to comply with this chapter by means of a method that specifically requires Town Council approval pursuant to this title, the inclusionary housing plan shall be considered by the Town Council either prior to or concurrently with consideration by the required decision-making body for the approvals required for the residential development project.
(D) The forms of the affordable housing agreement and any related declarations, resale restrictions, deeds of trust, and other documents authorized by this chapter shall be in a general form as prescribed by the town and shall be approved by the Town Manager and approved as to form by the Town Attorney prior to being executed with respect to any residential development project subject to this chapter.
(E) Recording of affordable housing agreements.
(1) An affordable housing agreement in a form approved by the town shall be recorded against inclusionary units or the residential development project in its entirety, as deemed appropriate by the Town Manager in consultation with the Town Attorney, prior to the issuance of any building permit for the residential development. the affordable housing agreement shall ensure that the applicant develops the required inclusionary housing units and complies with all other terms of the approved inclusionary housing plan and this chapter.
(2) Resale restrictions, deeds of trust, and/or other documents as deemed necessary or appropriate by the Town Manager shall be recorded against for-sale inclusionary units for required affordability for 55 years to ensure the continued affordability of the for-sale inclusionary units in compliance with this chapter.
(F) Building permits: The Town shall not issue a building permit for a residential development project subject to the requirements of this chapter without an affordable housing agreement executed by the owner, the applicant (if not the owner) and the Town Manager, and approved as to form by the Town Attorney, and recorded against the property, or payment of in-lieu fees in accordance with this chapter.
(Ord. 884, passed 11-1-2023)