(A) A written agreement must be executed between the developer and city that specifies the number and type of all affordable housing within a qualified housing development; the formula for determining rental rates of all affordable housing; the method of providing proof of eligibility as a very low, low, or moderate-income household; and such additional information as may be required by the city to determine the developer’s compliance with this chapter.
(B) Such an agreement must specify that the required qualified housing development must be reserved for and rented to very low and low-income households. Further, the term of such an agreement must be at least 55 years.
(C) 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.
(D) A new deed restriction must be executed and recorded upon each change of ownership to maintain the restrictions on qualified housing development before the term for such restrictions expires.
(E) A certificate of occupancy cannot be issued for a project subject to the provisions of this section until after the agreement required by this section is executed.
(F) The obligation of the owner to provide for management of the qualified housing development including maintenance. Management must also monitor the use of parking spaces within the qualified housing development to assure that the parking spaces are provided, maintained and used in accordance with the terms of the affordable housing agreement.
(G) The obligation of the owner to pay the costs of monitoring the continued affordability of the project by the city. The monitoring program and associated fees will be established by City Council resolution.
(Ord. 1242, passed 5-7-12)