(a) Units that are designated as workforce housing units or affordable housing units, as defined below, shall be identified separately in the Certificate of Land Use Restriction filed for the development where the units are located; and such units shall be subject to a deed restriction in favor of the Lexington-Fayette Urban County Government, which shall restrict the use of the property and shall establish monitoring procedures to ensure that the units remain affordable during the period. Affordable housing units within the defined expansion area shall be subject to Section 23A-2(w).
(b) Where all dwelling units on a lot are provided at an affordable level, the lot shall be granted an affordable housing bonus in use, setbacks, height, FAR, lot coverage, and all other regulations.
(1) Affordable level shall mean eighty (80%) percent or less of the Lexington-Fayette Urban County area median income (AMI) at the time of rental or purchase, for a period of no less than ten (10) years, and where housing expenses, including utilities, shall constitute no more than forty (40%) of monthly household income.
(2) The lot shall be regulated under the provisions as noted below:
a. R-1A, R-1B, R-1C, R-1D, and R-1E zones shall be regulated as the R-1T zone;
b. R-1T zone shall be regulated as the R-2 zone;
c. R-2 zone shall be regulated as the R-3 zone;
d. R-3 zone shall be regulated as the R-4 zone; and
e. R-4 zone shall be regulated as the R-5 zone.
(c) In the Downtown Business Frame (B-2A) zone, where at least fifty (50%) percent of dwelling units of a lot are being provided at an affordable level, developments shall be granted an affordable housing bonus in use, setbacks, height, FAR, lot coverage, and all other regulations per the Downtown Business (B-2) zone. Affordable level shall mean eighty (80%) or less of the Lexington-Fayette Urban County area median income (AMI) at the time of rental or purchase, for a period of no less than ten (10) years, and where housing expenses, including utilities, shall constitute no more than forty (40%) of monthly household income.
(d) Workforce housing units that meet the following requirements shall be granted a workforce housing bonus in use, setbacks, height, FAR, lot coverage, and all other regulations:
(1) Workforce housing dwelling units shall be provided at one hundred twenty (120%) percent or less of the Lexington-Fayette Urban County area median income (AMI), at the time of rental or purchase.
(2) The project shall be restricted for a period of no less than fifteen (15) years.
(3) Projects shall be regulated under the provisions as noted below:
a. R-1A, R-1B, R-1C, R-1D, and R-1E zones shall be regulated as the R-1T zone;
b. R-1T zone shall be regulated as the R-2 zone;
c. R-2 zone shall be regulated as the R-3 zone;
d. R-3 zone shall be regulated as the R-4 zone; and
e. R-4 zone shall be regulated as the R-5 zone.