19.90.110 Affordable housing agreement.
A. Execution of Agreement. Developers, requesting a density/FAR bonus, incentive(s) or concession(s), or in-lieu incentives pursuant to this chapter, shall demonstrate compliance with this chapter by executing an affordable housing agreement with the City.
B. Recordation. Following execution of the affordable housing agreement by all parties, the completed affordable housing agreement, with the approved site development plan, shall be recorded against the entire development, including nonrestricted lots/units; and the relevant terms and conditions therefrom filed and recorded as a deed restriction or regulatory agreement on those individual lots or units of a property which are designated for the location of target units. The approval shall take place prior to final map approval and recordation shall occur concurrent with the final map recordation, or where a map is not being processed, prior to issuance of building permits for such parcels or units. The affordable housing agreement shall be binding to all future owners and successors in interest.
C. Provisions. The affordable housing agreement shall set forth the conditions and guidelines to be met in the implementation of this chapter to include, but not be limited to, the following:
1. Number of Units. The number of total residential units and the density bonus and target units approved for the housing development.
2. Term of Affordability. The number of years the occupancy and affordability restrictions for target units remain in place.
3. Phasing Schedule. A schedule of production and occupancy of target units.
4. Incentives/Concessions. A description of the incentive(s), concessions, or in-lieu incentives of equivalent financial value being provided by the City.
5. Operation and Maintenance. The rules and procedures for qualifying tenants, establishing affordable rent, filling vacancies, operating and maintaining target units for qualified tenants.
6. Ongoing Monitoring. Provisions requiring developers to demonstrate compliance with this chapter.
7. Initial Sale. Where applicable, tenure and conditions governing the initial sale of for-sale target units.
8. Remedies. A description of remedies for breach of the agreement by either party.
9. Other Provisions for Compliance. Other provisions as the City may require to ensure implementation and continued compliance with this chapter and the state density bonus law.
D. Balanced Communities Regulatory Agreement. Where a regulatory agreement is required to demonstrate the developer’s compliance with the City’s Balanced Communities Affordable Housing Policy and/or as a condition of the City’s direct financial assistance, the affordable housing agreement may be combined into one single housing regulatory agreement. (Ord. 3250 § 1, 2013).