(A) A written agreement must be executed between the developer and city that specifies the number, type, and location of all inclusionary housing units; the formula for determining rental rates or sales prices of all inclusionary housing units; the method of providing proof of eligibility as a very low, low, or (if within the plan area) moderate-income household, and such additional information as may be required by the city to determine the developer's compliance with this chapter.
(B) For projects, such an agreement must specify that the required inclusionary housing units must be reserved for, and rented or sold to, very low and low-income households. Further, the term of such an agreement must generally be between 45 and 55 years, but in no event less than 30 years.
(C) For plan area projects, such an agreement must specify that the required units must be reserved for, and rented or sold to, very low, low, and moderate- income households. Further, the term of such agreements must be at least 55 years for rental dwelling units and 45 years for owner occupied dwelling units.
(D) The agreement must be in a form approved by the City Attorney, and, upon execution of the agreement, it must be recorded with the Ventura County Recorder's office.
(E) A new deed restriction must be executed and recorded upon each change of ownership to maintain the restrictions on inclusionary units before the term for such restrictions expires.
(F) A certificate of occupancy may not be issued for a project subject to the provisions of this section until after the agreement required by this section is executed.
(Ord. 1142, passed 11-7-05)