As a condition of approval of any conditional use permit for any senior citizens’ apartment project, and prior to issuance of any building permits thereof, the property owner(s) shall include as part of the covenants, that all of the units shall be affordable to low income households. The term “low income households” as used in this chapter shall mean households having an income not exceeding eighty percent of the median family income for the county of Monterey. Minimum affordability standards shall require that rents for these units shall not exceed thirty percent of the applicable maximum income level of said “low income households” at any time during the life of the project. However, the property owner(s) may be required by conditions of project approval to execute and record an agreement with the city and/or other government agencies requiring that some or all of the apartment units in a particular project be limited to Marina residents and/or to tenants with lower incomes and/or at lower rents than the minimum standards listed in this section. Any said agreement shall be in a form approved by the city attorney. Notwithstanding the foregoing provisions of this section, the conditional use permit and covenants required by Section 17.50.020 may include provisions to provide that in the event that a sale in foreclosure should occur due to legitimate, normal and noncollusive defaults on a loan for a low income senior citizens’ housing project, the project no longer need be occupied exclusively by nor remain affordable to low income households. However, if the optional provision in the immediately preceding sentence is included within the covenants, those covenants shall further provide that preference will still be given to low income households when otherwise qualifying prospective tenants who are low income households have applied for units to be rented. (Ord. 2020-07 § 2, 2020; Zoning Ordinance dated 7/94, 1994)