9-401.080 - GUARANTEES FOR CONTINUED AFFORDABILITY

(a)

Rental Units. The applicant shall agree to ensure continued affordability of all very low- and lower-income density bonus units for 55 years for rental units or a longer period of time if required by the construction or mortgage financing assistance program, mortgage insurance program, or rental subsidy program. During this time the affordable rent shall be set as defined in Section 50053 of the Health and Safety Code.

(b)

For-Sale Units. The applicant shall agree to, and the County shall ensure that, the initial occupant of all forsale units that qualified the applicant for the award of the density bonus are persons and families of very low, low, or moderate income, as required, and the units are offered at an affordable housing cost, as defined in Section 50052.5 of the Health and Safety Code:

(c)

Equity Sharing Agreement. An applicant shall agree to, and the County shall ensure that, the initial occupant of all for-sale units that qualified the applicant for the award of the density bonus are persons and

families of very low, low, or moderate income, as required, and that the units are offered at an affordable housing cost, as defined in Health and Safety Code Section 50052.5. The following provisions must be included in an equity sharing agreement:

(1)

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 County shall recapture any initial subsidy, as defined in subsection (A) below, and its proportionate share of appreciation, as defined in subsection (B) below, which amount shall be used within five years for any of the purposes described in Health and Safety Code Section 33334.2(e) that promote home ownership.

(A)

The County's initial subsidy shall be equal to the fair market value of the home at the time of initial sale minus the initial sale price to the moderate-income household, plus the amount of any down payment assistance or mortgage assistance. If upon resale the market value is lower than the initial market value, then the value at the time of the resale shall be used as the initial market value.

(B)

The County's proportionate share of appreciation shall be equal to the ratio of the County's initial subsidy to the fair market value of the home at the time of initial sale.

9-401.090 - LOCATION AND DESIGN OF AFFORDABLE UNITS AND BONUS UNITS

(a)

Location and Design of Affordable Housing Units. The affordable housing units shall be integrated with other housing units in the housing development with regard to siting and placement within buildings and shall not differ in exterior appearance from the other housing units. The location of the affordable housing units may or may not be on contiguous parcels within the site. In no event shall the affordable housing units be in only one portion of the housing development or situated in one building of a multi-building development;

(b)

Location of Density Bonus Units. The density bonus units can be in geographic areas of the development site other than the areas where the units for the affordable housing units are located and can be located only on parcels for which the density bonus was granted.