(a) Restricted affordable units shall be constructed concurrently with non-restricted units unless both the city and the applicant agree within the regulatory agreement to an alternative schedule for development.
(b) Moderate income restricted affordable units shall remain restricted and affordable to the designated income group for a minimum period of 55 years (or a longer period of time if required by the construction or mortgage financing assistance program, mortgage insurance program, or rental subsidy program). Very low and lower restricted affordable units shall remain restricted and affordable to the designated income group for a period of 55 years for both rental and for-sale units (or a longer period of time if required by a construction or mortgage financing assistance program, mortgage insurance program, or rental subsidy program).
(c) In determining the maximum affordable rent or affordable sales price of restricted affordable units, the presumed household size as set forth in the city’s Below Market Rate Housing Program shall be used, unless the development is subject to different assumptions imposed by other governmental regulations.
(d) Restricted affordable units shall be built on-site and be dispersed within the development, except as permitted in the city’s Below Market Rate Housing Program guidelines. The number of bedrooms of the restricted affordable units shall be equivalent to the bedroom mix of the non-restricted units in the development; except that the applicant may include a higher proportion of restricted affordable units with more bedrooms. The design, square footage, appearance and general quality of the restricted affordable units shall be compatible with the design of the non-restricted units in the development. The development shall comply with all applicable development standards, except those which may be modified as provided by this chapter.
(e) A regulatory agreement, as described in Section 18.15.100, shall be made a condition of the discretionary permits for all developments pursuant to this chapter. The regulatory agreement shall be recorded as a restriction on the development. The regulatory agreement shall be consistent with the city’s Below Market Rate Housing Program guidelines.
(Ord. 5623 § 2 (part), 2024: Ord. 5373 § 13 (part), 2016; Ord. 5231 § 2 (part), 2014)