Extracted standards
7 individual requirements pulled out of this section’s prose, each with the sentence it came from.
Other
- Affordability period for for-sale units45 years
A unit for sale shall be reserved for the target income level group at the applicable affordable housing cost for a minimum of 45 years.
- Forfeiture of funds for violation
Any individual who sells or rents an inclusionary unit in violation shall forfeit all money so obtained.
- Legal actions for enforcement
The City may institute legal actions to ensure compliance, including disapproving permits, injunctive relief, or damages.
- Recapture of financial interest for for-sale units
Inclusionary units for sale may be sold to above-moderate-income purchaser with recapture of difference between initial affordable sales price and appraised value, and proportionate share of appreciation.
- Recovery of attorney's fees
The City shall be entitled to recover reasonable attorney's fees and costs in enforcement actions.
- Affordability period for rental units
A rental unit shall remain reserved for the target income level group at the applicable affordable housing cost in perpetuity.
- Takings determination process
Developer may request a determination that requirements constitute a taking; burden on developer; appeal to Council.
From the ordinance
All required inclusionary units shall be reserved for low and moderate-income households at the applicable affordable housing cost for the following minimum time periods. Units for sale - 45 years; Rental units - Reserved in perpetuity.