(a) Affordability requirement. At least 20% of the units in a workforce housing project, excluding any required below-market-rate units, shall be affordable to households earning up to and including 150% of area median income (AMI).
(b) BMR provisions applicable. The below market rate housing requirements set forth in Chapter 16.65 of Title 16 of this code shall apply to workforce housing projects. Any BMR units provided will not be counted toward the total number of units in a workforce housing project for purposes of calculating the number of workforce affordable units required under subsection (a) above.
(c) Continued affordability. All workforce housing units provided under subsection (a) above shall be subject to a deed of trust or regulatory agreement recorded against the property for execution by the City Manager in a form approved by the City Attorney, to ensure the continued affordability of the workforce housing units. All workforce housing units shall remain affordable to the targeted income group for 99 years.
(d) Local workforce preference. All residential units within a workforce housing project shall be offered first to eligible households with at least one household member who currently lives or whose place of employment is within a three mile radius of the project or within the City of Palo Alto. If units remain unoccupied after offers are made to this first category, those units shall be offered to eligible households with at least one household member whose place of employment is within one-half mile of a major fixed-rail transit stop.
(Ord. 5443 § 2 (part), 2018)