Ordinances_2762 - Laserfiche WebLink

Home Browse Search

minimum of thirty years, as required by state law (Government Code sections 65915 (c) (1) and 65916) Those units targeted for lower income households, as defined in Health and Safety Code section 50105, shall be affordable at a rent that does not exceed thirty percent(30%) of fifty percent (50%) of the area median income 2 Moderate income households, equity sharing The initial occupant of any moderate income unit in a condominium or planned development shall be a person or family of moderate income, as required by state law (Government Code section 65915 (c) (2)) Upon resale, the seller of the unit shall retain the value of any improvements, the down payment and the seller's proportionate share of appreciation The City shall recapture its proportionate share of appreciation, which shall be equal to the percentage by which the initial sale price to the moderate income person or family was less than the fair market value of the home at the time of initial sale The City shall spend recaptured fiends within three years for any purposes to promote homeownership, as described in Health and Safety Code section 33334 2(e) B Recordation of Agreement The terms and conditions of the covenant shall run with the land which is to be developed, shall be binding upon the successors-in-interest of the developer, and shall be recorded in the official records of the County of San Bernardino In addition to the requirements described in subsection 18 228 040 A above, the agreement shall include the following provisions l The developer shall give the City a continuing right-of-refusal to purchase or lease any or all of the designated units at the fair market value, 2 The deeds to the designated units shall contain a covenant stating that the developer shall not sell, rent, lease, sublet, assign or otherwise transfer any interests for the same without the written approval of the City confirming that the sales or rental price of the units is consistent with the limits established for lower, very low and moderate-income households, which shall be related to the Consumer Price Index; and 3 The City shall have the authority to enter into other agreements with the developer, or purchasers of the dwelling units, as may be necessary to ensure that the Iower and very low income units are continuously occupied by eligible households 18 228 050 Location of Affordable Units A Location/Dispersal of Units The location of affordable units within the qualifying project shall be at the discretion of the City with the goal to integrate the units into the overall project However,the affordable units shall be reasonably dispersed throughout the development where feasible, shall contain on average the same number of bedrooms as the nonaffordable units, and shall be compatible with the design or use of the remaining units in terms of appearance,materials and finish quality B Alternative Development Site Circumstances may arise in which the public interest would be served by allowing some or all of the affordable units associated with one housing development to be produced and operated at an alternative development site Where the 6 I lcc1erklprdinances12762 Amending 18 228 Density Bonus Requirements(Form).doe