A housing development that meets all of the criteria (a) through (d) below is eligible for an incentive described in Sec. 9-10.703.
(a) The development will be built on a site that is:
(1) An existing parcel that is less than 1/2 acre in size, including an existing parcel of less than 1/2 acre that is developed in combination with one or more contiguous parcels; or
(2) A parcel listed in the inventory of underutilized sites with redevelopment potential in the Housing Element of the Thousand Oaks General Plan;
(b) All of the housing, with the exception of a managers unit (if any), shall be provided to extremely low-, very low- or low-income households at affordable rents or affordable housing costs;
(c) All of the housing shall be multiple- family housing developed at a minimum density of 20 dwellings per net acre;
(d) The development density shall comply with any law, including Government Code 65863, that restricts the City from allowing a parcel to be developed at a lower density than needed to accommodate the City’s share of the regional housing need;
(e) The project shall be subject to a recorded agreement between the City and a housing developer specifying the income level of the occupants and guaranteeing the affordability of the units.
(§ 1, Ord. 1568-NS, eff. March 9, 2012)