To be considered a qualified housing development under this chapter, the affordable housing development must meet the following criteria:
(A) It must be a rental project.
(B) 100% of the units must be available for affordable housing (the manager’s unit is exempted).
(C) At least 60% of the total number of units must be reserved for low-income households. This percentage may be decreased to 45% if there will be greater than 30% of the total number of units reserved for very-low income households.
(D) At least 20% of the total number of units must be reserved for very-low income households.
(Ord. 1242, passed 5-7-12)