A. Application: Any person that desires a density bonus shall make an application on a form approved by the director at the time of submitting an entitlement application for the housing development for which a density bonus is requested. The density bonus provided by this chapter only applies to housing developments consisting of five (5) or more dwelling units.
B. Incentives And Concessions: When an applicant seeks a density bonus for a housing development or for the donation of land for housing within the town, the town shall provide the applicant incentives or concessions for the production of housing units and childcare facilities as provided in this chapter.
C. Available Density Bonus Options: The planning commission will grant one density bonus, the amount of which will be as specified in section 9.47.050, "Calculation Of Density Bonus", of this chapter and incentives or concessions as described in section 9.47.030, "Incentives And Concessions", of this chapter when an applicant for a housing development seeks and agrees to construct a housing development, excluding any units permitted by the density bonus awarded pursuant to this chapter, that will contain at least one of the following:
1. Ten percent (10%) of the total units of a housing development for lower income households.
2. Five percent (5%) of the total units of a housing development for very low income households.
3. Ten percent (10%) of the total dwelling units in a common interest development for moderate income households, provided that all units in the housing development are offered to the public for purchase.
4. A senior citizen housing development.
As used in this subsection, "total units" or "a total dwelling unit" does not include units permitted by a density bonus awarded pursuant to this chapter.
D. Applicant's Election Of Basis For Bonus: For purposes of calculating the amount of the density bonus pursuant to section 9.47.050 of this chapter, the applicant who requests a density bonus pursuant to this section shall elect whether the bonus will be awarded on the basis of subsection C1, C2, C3 or C4 of this section.
E. Continued Affordability:
1. An applicant shall agree to the continued affordability of all low and very low income units that qualified the applicant for the award of the density bonus for thirty (30) years or a longer period of time if required by any applicable construction or mortgage financing assistance program, mortgage insurance program, or rental subsidy program. Rents for the lower income density bonus units shall be set at an affordable rent. Owner occupied units shall be available at an affordable housing cost.
2. An applicant shall agree that the initial and subsequent occupants of the moderate income units that are directly related to the receipt of the density bonus in a common interest development are moderate income households and that the units are offered at an affordable housing cost for the required affordability period. (Ord. 254, 12-16-2014)