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Ordinance No. 2287 <br />Page 10 of 21 <br /> <br />prior to issuance of building permit. If the project design changes, which results in a <br />change in the number of inclusionary units required, the number of inclusionary units <br />required shall be recalculated to coincide with the final approved project. In applying <br />and calculating the number of inclusionary units required based on the specified <br />percentage, any decimal fraction less than or equal to 0.50 may be disregarded, and any <br />decimal fraction greater than 0.50 shall be construed as one unit. <br /> <br />B. Residential For-Sale Projects. For all new for-sale residential project, and where the <br />project would include 10 residential units or more, at least fifteen (15) percent of the <br />project's dwelling units shall be affordable to very-low, low- or moderate-income <br />households as specified. These units shall be referred to as “Inclusionary Units.” The <br />applicant shall not be prohibited from deepening the level of affordability in the project <br />listed in subsection 1 below. The Inclusionary Units shall be reserved for purchase by <br />eligible households, in the following proportions. The applicant shall not be prohibited <br />from deepening the level of affordability in the project: <br />1. 100 percent of the inclusionary units at a sales price affordable to a household <br />whose income is no more than 120% of the Area Median Income. <br /> <br />C. Residential Rental Projects. For all new residential rental projects, including where the <br />rental units are part of a mixed use projects, and where the project would include 10 <br />residential units or more, at least 15 percent of the project’s dwelling units shall be <br />affordable to very-low [and/] or low-income households as specified. These units shall <br />be referred to as “Inclusionary Units.” The applicant is not precluded from deepening the <br />level of affordability in the project listed in subsection 1 and 2 below. The Inclusionary <br />Units shall be reserved for rent to eligible households within each income category as <br />specified, in the following proportions. The applicant is not precluded from deepening <br />the level of affordability in the project: <br />1. 50 percent of the inclusionary units at a sales price affordable to a household whose <br />income is no more than 50% of the Area Median Income. <br /> <br />2. 50 percent of the inclusionary units at a sales price affordable to a household whose <br />income is no more than 60% of the Area Median Income <br /> <br />D. Commercial, Office, and Industrial (COI) Development. COI projects shall be subject <br />to the affordable housing fee as set forth in Chapter 17.40. In lieu of paying the <br />affordable housing fee, COI developments as defined in this chapter may provide rental <br />or for-sale affordable housing consistent with this chapter, and with the requirements of <br />Section 17.40.060. A COI development proposing to provide affordable housing in lieu <br />of paying the fee shall submit an affordable housing proposal as set forth in Section <br />17.44.090 of this chapter. Upon submittal of the affordable housing proposal, city staff <br />will meet with the developer to discuss the potential for providing incentives to <br />encourage on-site construction of affordable housing units and alternatives to <br />constructing affordable units as set forth in this chapter. In the event a developer <br />requests incentives or alternatives as a means of providing affordable housing in <br />connection with a COI development, the affordable housing proposal will be reviewed <br />as set forth in Section 17.44.090 of this chapter. <br />Page 39 of 126