Reso23-13PC Reso 0041 Amending Zoning Ordinance - Affordable Housing

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ATTY/RESO.0041/PC RESO AMENDING ZONING ORDINANCE – AFFORDABLE HOUSING REV: 05-30-23 SK Page 20 of 25 sufficient funds or binding commitments for sufficient funds to complete construction of the affordable units; (ii) the funding commitments include funding from a federal, state or local agency or any state or municipal finance authority which restricts one hundred percent (100%) of the units in the development for household at or below 80% AMI (excluding manager’s unit(s)); and (iii) the developer and/or the project sponsor has provided an irrevocable unconditional guarantee as a condition to receive the federal, state or local agency or any state or municipal finance authority funding. 2. As an alternative to Section 29.6(B) (Availability for Occupancy), the City may require, in-lieu of concurrent occupancy of the market-rate residential units and/or nonresidential development project and the required affordable housing units, that the developer be allowed to obtain a certificate of occupancy (including a temporary certificate of occupancy) for the market- rate residential units and/or the nonresidential development project so long as concurrently with the issuance of the certificate of occupancy (including a temporary certificate of occupancy) for the market-rate residential units and/or the nonresidential development project, the developer has secured building permits for the required affordable housing units and the completion of the affordable units is secured by the developer through an agreement under which the developer provides a completion guaranty for the construction of the affordable units or agrees to pay a deposit or provide a letter of credit in the amount of the affordable housing impact fee and/or the in-lieu fee in the amount due under Section 29.5 calculated based on the amount of the fees due on the date the entitlements for the market-rate residential units and/or the nonresidential development project were approved; or agrees to provide some other alternative mean of compliance allowed under the Affordable Housing Guidelines. Upon written request by the developer, the City, in the Community Development Director's reasonable discretion, shall release a portion or all of the deposit upon the completion of construction milestones for the affordable units identified in the Affordable Housing Guidelines. The City shall release the completion guaranty at the time the certificate of occupancy (including a temporary certificate of occupancy) for the affordable units has been issued. The City shall release all of the deposit and the completion guaranty at the issuance of the building permit for affordable units if the developer of the affordable units provides the City with evidence that: (i) the developer holds sufficient funds or binding commitments for sufficient funds to complete construction of the affordable units; (ii) the funding commitments include funding from a federal, state or local agency or any state or municipal finance authority which restricts one hundred percent (100%) of the units in the development for household at or below 80% AMI (excluding manager’s unit(s)); and (iii) the developer and/or the project sponsor has provided an irrevocable unconditional guarantee as a condition to receive the federal, state or local agency or any state or municipal finance authority funding.