17.48.080 Affordable housing agreement.
A. General Provisions.
1. Developers subject to this chapter shall demonstrate compliance with this chapter by executing an affordable housing agreement prepared by the city attorney and approved by the approval body.
2. Following the approval and execution by all parties, the affordable housing agreement with approved entitlement shall be recorded against the entire residential development, including market-rate units and the relevant terms and conditions filed and subsequently recorded as a separate deed restriction or regulatory agreement on the individual inclusionary or density bonus target units.
3. The approval and execution of the affordable housing agreement shall take place prior to final map approval and shall be recorded upon final map recordation or, where a map is not being processed, prior to the issuance of building permits. The affordable housing agreement shall bind all future owners and successors in interest for the term of years specified therein.
4. An affordable housing agreement shall establish, but not be limited to, the following:
a. The number of inclusionary and density bonus target units proposed;
b. The unit size and number of bedrooms of the inclusionary and density bonus target units;
c. The proposed location of the inclusionary and density bonus target units;
d. Level and tenure of affordability for the inclusionary and density bonus target units;
e. Schedule for production of the inclusionary and density bonus target units;
f. Approved incentives, if any, provided by the city;
g. Where applicable, requirements for other documents to be approved by the city, such as marketing, leasing and management plans; financial assistance/loan documents; resale agreements; and monitoring and compliance plans. (Ord. 2020-07 § 2, 2020; Ord. 2006-14 § 2 (Exh. A), 2006)