The applicant shall submit a density bonus housing agreement (housing agreement) for city council approval for an approved housing development subject to this chapter. The form of the housing agreement will vary, depending on the manner in which the provisions of this chapter are satisfied for a particular development. The form and content of the housing agreement shall be subject to the review of the city attorney.
The housing agreement shall be recorded as a title restriction on the parcel or parcels on which the affordable housing units will be constructed. The cost of recording any title restriction(s) shall be borne by the applicant. The approval and recordation of the housing agreement shall take place prior to any final map being recorded or, where a map is not being processed, prior to issuance of a building permit(s) for such parcel or units. The housing agreement shall be binding on all future owners and successors in interest.
The following specific items shall be addressed in the housing agreement:
(A) Continued Affordability Of Qualifying Units: The housing agreement shall include the procedures and mechanisms proposed by the developer to maintain the continued affordability of all affordable housing units, whether rental or ownership units. An applicant shall agree to, and the city shall ensure, continued affordability of all very low and low income units that qualified the applicant for the award of the density bonus for a minimum of thirty (30) years.
(B) Rental Units: Rents for the low income and moderate income qualifying units shall be set at an "affordable rent" as defined in section 10-12-3 of this chapter. The housing agreement shall contain procedures for establishing affordable rent, filling vacancies, maintaining the units for eligible tenants, verifying household incomes, and providing annual reports necessary to demonstrate compliance with this section.
(C) Owner Occupied Units: Owner occupied qualifying units shall be available at an affordable housing sales price as defined in section 10-12-3 of this chapter.
(D) Very Low Income/Lower Income Units: Units shall be sold to very low or lower income households who shall occupy the units as their principal residence. The purchaser of each affordable housing unit shall execute an instrument or agreement approved by the city and to be recorded against the property, restricting the sale of the affordable housing units to very low and lower income households for a minimum of thirty (30) years.
(E) Moderate Income Units (Condominium Development): The initial sale of a unit within an affordable condominium development, as defined in section 1351 of the California Civil Code, shall be restricted to moderate income households. The owner shall occupy the unit and shall execute an instrument or agreement to be recorded against the property, which provides for equity sharing as set forth in Government Code section 65915 when and if the unit is sold. (Ord. 1653, 3-12-2013)
Next Doc