(a) Purpose. The purpose of this article is to provide a mechanism and procedures for implementing inclusionary housing as part of new residential development.
(b) Intent.
(1) Ensure the development and availability of decent, affordable housing to a broad range of households with varying income levels throughout the City.
(2) Promote the City's goal to add affordable dwelling units to the City's housing stock.
(3) Ensure the long-term affordability of dwelling units and availability for eligible households in years to come.
(4) Ensure that the private sector, in addition to public sector, participates in the provision of affordable housing for workers within the City of Thousand Oaks.
(5) Ensure that affordable housing will be dispersed throughout the City and each residential development, and not segregated from market-rate housing, by adopting the inclusionary housing requirement for each applicable residential development.
(§ 1, Ord. 1506-NS, eff. October 9, 2008, as amended by § 3, Ord. 1543-NS, eff. October 8, 2010, and § 3, Ord. 1719-NS, eff. November 24, 2023)