Laserfiche WebLink
Ordinance No. 2286 <br />Page 9 of 13 <br />B. For-sale affordable units provided by a housing development to meet state density bonus requirements shall <br />be subject to a recorded affordable housing agreement approved as to form by the city attorney <br />commencing upon the issuance of certificates of occupancy. The affordable housing agreement shall, at a <br />minimum, require that: <br />1.Each for-sale affordable unit shall be sold to an income qualified household at an affordable <br />housing cost, as defined in the affordable housing agreement; and <br />2.Each for-sale affordable unit shall be sold to the initial purchaser subject to a recorded resale <br />restriction agreement approved as to form by the city attorney, which shall: <br />a. Have no less than a 45-year term or as required by chapter 17.44 of this title if required <br />by another public financing source or law; <br />b. Restrict the resale price of the unit to an affordable housing cost, as defined in the <br />resale restriction agreement; and <br />c. Require that if the unit is sold to a subsequent purchaser during the term of the <br />agreement, the purchaser shall purchase the unit subject to a resale restriction <br />agreement approved as to form by the city attorney with a new 45-year term or longer <br />if required by another public financing source or law. <br />17.38.060 Density bonus calculations. <br />A. In determining the total number of units to be granted, each component of any density calculation, <br />including base density and bonus density, resulting in fractional units shall be separately rounded up to the <br />next whole number. <br />B. When calculating the number of affordable units needed to qualify for a given density bonus, any fractions <br />of affordable dwelling units shall be rounded up to the next whole number. <br />C. Except where a housing development is eligible for an additional bonus pursuant to Government Code <br />Section 65915(v), each housing development is entitled to only one density bonus. If a housing <br />development qualifies for a density bonus under more than one category, the applicant shall identify the <br />category under which the density bonus is requested to be granted. <br />D. In determining the number of affordable units required to qualify a housing development for a density <br />bonus pursuant to state density bonus law, units added by a density bonus are not included in the <br />calculations. Any on-site units shall satisfy the city’s inclusionary housing requirements in chapter 17.44. <br />Payment of fees in lieu of providing affordable units under chapter 17.44 does not qualify a housing <br />development for a density bonus. <br />E. The applicant may elect to accept a lesser percentage of density bonus than the housing development is <br />entitled to, or no density bonus, but no reduction will be permitted in the percentages of affordable units <br />required by state density bonus law. Regardless of the number of affordable units, no housing development <br />shall be entitled to a density bonus greater than what is authorized under state density bonus law. <br />Page 33 of 658