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A developer who proposes to construct affordable units on-site pursuant to this chapter, or who constructs a child care facility in an affordable housing project that is eligible for a density bonus pursuant to Article 5 above, or whose project receives money from the Housing Trust Fund, shall execute an Affordable Housing Agreement with the City.
(a) Form of Agreement. The forms of the Affordable Housing Agreement and any related Declarations, Resale Restrictions, deeds of trust, and other documents authorized by this chapter shall be approved as to form by the City Attorney prior to being executed with respect to any residential development subject to this chapter. Any such agreements may be approved and executed by the City Manager.
(b) Recording of Agreement. The affordable housing agreement shall be recorded prior to, or concurrently with, final map recordation or, where the residential development does not include a map, prior to issuance of a building permit for any structure on the site. The affordable housing agreement shall run with the land and bind all future owners and successors in interest.
(§ 1, Ord. 1506-NS, eff. October 9, 2008)