(a) Definition of Qualified Low-Income Housing Development.
For the purposes of this § 14-534, a Qualified Low-Income Housing Development is a housing development composed of forty or more dwelling units, all of which are under common ownership, located on the same lot as of March 23, 2022, and are leased or intended to be leased to households for occupancy as their primary residences, where all of the following conditions apply:
(.1) More than fifty percent (50%) of the dwelling units are leased to or reserved for households earning up to fifty percent (50%) of the Area Median Income, adjusted for household size, as reported by the U.S. Department of Housing and Urban Development (HUD) for the Philadelphia Metropolitan Statistical Area;
(.2) The average monthly costs (including rent and utilities) across the entire housing development at issue does not exceed thirty percent (30%) of gross monthly income for households earning up to sixty percent (60%) of the Area Median Income (AMI), adjusted for average household size, as reported by HUD for the Philadelphia Metropolitan Statistical Area;
(.3) The property is deed restricted to maintain the affordability provisions of subsections (2)(a)(.1) and (.2), above, for at least 50 years following any application for zoning permits for the property that include a use that falls within an Office Use Category or Industrial Use Category as certified by affidavit and by submission of a copy of that deed restriction at the time of zoning permit application.
(b) For any lot that contains a Qualified Low-Income Housing Development, subsections (3) and (5) of this § 14-534 do not apply to entirely nonresidential structures, provided that the Qualified Low-Income Housing Development has been maintained with the same number of total bedrooms that were in existence as of March 23, 2022, as certified by affidavit submitted at the time of zoning permit application.