§ 17.42.040. Inclusionary Unit Requirements

A.

Minimum number of units required. A minimum of 15 percent of the total number of dwelling units in a residential project shall be developed, offered to, and sold or rented to households of low and moderate-income, at an affordable housing cost, as follows.

1.

Units for sale. If the project consists of units for sale, a minimum of 15 percent of the total number of units in the project shall be sold to low or moderate-income households.

2.

Rental units. If the residential project consists of rental units, a minimum of 10 percent of the units shall be rented to low-income households and five percent of the units shall be rented to low or moderate-income households.

B.

Exception to minimum number required. For a period of 12 months from the effective date of this Chapter, a residential project that obtains discretionary approval, or if no discretionary approval is required, obtains a Building Permit within that period, shall develop, offer to, and sell the following number of units to low and moderate-income households at an affordable housing cost, instead of the 15 percent required by Subsection A.

1.

Units for sale. If the project consists of units for sale, a minimum of six percent of the total number of units shall be sold to low or moderate-income households.

2.

Rental units. If the project consists of rental units, a minimum of four percent of the total number of units shall be rented to low-income households and two percent of the total number of units shall be rented to low or moderate-income households.

C.

Allowable credits. The inclusionary unit requirements of Subsections A. and B. may be reduced as follows.

1.

Very low-income units in lieu of low-income units. If very low-income units are provided in lieu of the required low-income units, the project shall receive a credit of 1.5 affordable units for each unit actually provided.

2.

Very low-income units in lieu of moderate-income units. If very low-income units are provided in lieu of required moderate-income units, the project shall receive a credit of two units for each unit actually provided.

3.

Low-income units in lieu of moderate-income units. If low-income units are provided in lieu of required moderate-income units, the project shall receive a credit of 1.5 units for each unit actually provided.

D.

Rounding of quantities in calculations. In calculating the required number of inclusionary units, fractional units of 0.75 or above shall be rounded-up to a whole unit if the residential project consists of 10 to 20 units; and fractional units of 0.50 or above shall be rounded-up to a whole unit if the project consists of 21 or more units.