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Unless otherwise exempted pursuant to Section 9-10.303, all residential developments shall be subject to the requirements of this article, and shall satisfy its provisions by one (1) of the following methods:
(a) Construction of Inclusionary Units. A residential development subject to the provisions of this Article shall provide at least ten (10%) percent of all dwelling units as inclusionary units offered for sale at affordable ownership cost to moderate income households. Notwithstanding the foregoing, a developer may meet the requirements of this article by the provision of rental housing at a rent affordable to extremely-low, very-low or lower income households. In determining the required number of inclusionary units, any fractional number where the fraction is one half (.5) or greater, shall be rounded to the next higher whole number, and where the fraction is less than one-half (.5), the number will be rounded to the next lower whole number.
(b) In-lieu fee. The requirements of this article may be satisfied by paying a fee, in-lieu of constructing inclusionary units. The fee set by City Council pursuant to Section 9-10.306 shall be charged against each market rate unit in a project. Any money paid pursuant to this subsection shall be deposited in the Affordable Housing Trust Fund as provided in Article 2.
(§ 1, Ord. 1506-NS, eff. October 9, 2008, as amended by § 4, Ord. 1543-NS, eff. October 8, 2010)