The provisions of this section shall apply to all residential ownership projects, including the residential ownership portion of any mixed use project containing three or more units, except for any residential ownership project exempt under Section 16.65.025.
(a) Unless an alternative is approved as described in Section 16.65.080, residential ownership projects shall provide the following:
(1) For projects on sites of less than five acres, fifteen percent of the dwelling units in the project shall be made available at affordable sales price to very low, low, and moderate income households;
(2) For projects on sites of five acres or more and all townhome projects in the NV districts, twenty percent of the dwelling units in the project shall be made available at affordable sales price to very low, low, and moderate income households; and
(3) For projects that convert existing rental housing to condominiums, other residential ownership or nonresidential space or that remove existing rental housing, twenty-five percent of the dwelling units in the project shall be made available at affordable sales price to very low, low, and moderate income households.
(4) Calculations of the number of affordable units required by this section shall be based on the number of dwelling units in the residential project, excluding any density bonus units. Projects shall not receive a credit for any existing dwelling units demolished as part of the project.
(b) The affordable units shall be made available at the following affordable sales prices:
(1) For projects subject to subsections (a)(1) and (2) of this section, at least two-thirds of the required affordable units must be made available at affordable sales price to households earning eighty percent to one hundred percent of the area median income, and one-third may be made available at affordable sales prices to households earning between one hundred percent and one hundred twenty percent of the area median income.
(2) For projects subject to subsection (a)(3) of this section, at least four-fifths of the required affordable units must be made available at affordable sales price to households earning eighty percent to one hundred percent of the area median income, and one-fifth may be made available at affordable sales prices to households earning between one hundred percent and one hundred twenty percent of the area median income.
(c) When the affordable housing requirements described in this section result in a fractional unit, an in-lieu payment as specified in Section 16.65.060 may be made for the fractional unit instead of providing an affordable unit, except that, if the project contains thirty or more units, an additional affordable unit shall be provided for each fractional unit of 0.50 or more. The in-lieu fee for a fractional unit shall be calculated as described in the city's affordable housing guidelines.
(Ord. 5634 § 6, 2024: Ord. 5408 § 3 (part), 2017)