The planning permit application for the affordable housing development shall include procedures proposed by the developer to maintain the continued affordability of the units that qualified the housing development for a density bonus and other incentives, in compliance with this section.
A. Duration of Affordability. The applicant shall agree to, and the town shall ensure the continued availability of the units that qualified the housing development for a density bonus and other incentives, as follows.
1. Lower Income Units. The continued availability of lower income units shall be maintained for thirty years, or a longer time if required by the construction or mortgage financing assistance program, mortgage insurance program, or rental subsidy program.
2. Low and Moderate Income Units - Development with Public Funding. A housing development that receives a direct financial contribution as an additional incentive in compliance with Section
13.32.030 through participation in the cost of infrastructure, write-down of land costs, or subsidizing the cost of construction, shall maintain the availability of low- and moderate-income units for a minimum of thirty years, as required by Government Code Section
65916.
3. Moderate Income Units in Condominium. The continued availability of moderate income units in a condominium project shall be maintained for a minimum of ten years.
B. Rent Cost Requirements. The rents charged for the housing units in the development that qualify the project for a density bonus and other incentives, shall not exceed the following amounts during the period of continued availability required by this section:
1. Thirty percent of sixty percent of the area median income, for units targeted for lower income households, as defined in Health and Safety Code Section
50079.5; and
2. Thirty percent of fifty percent of the area median income, for units targeted for very low income households, as defined in Health and Safety Code Section
50105.
(Ord. 205 § 1 (Exh. A), 2003; Ord. 299, 11/12/2024)