Reso PC21-07 0063 PC Reso Zoning Ordinance Amendment Article 29

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ATTY/RESO.0063/PC RESO ZONING ORDINANCE AMENDMENT ARTICLE 29 REV: 08-12-21 SK Page 15 of 17 2. The proposed location is suitable for the proposed affordable housing, is consistent with the Housing Element, general plan, and zoning, and will not cause residential segregation; and 3. Any affordable rental or for-sale units proposed as an alternative to the payment of the housing impact fee shall be subject to the requirements described in Section 29.6 (Standards for Affordable Housing). D. Alternatives to the Standards for Affordable Housing. The City may consider alternatives to the requirements under Section 29.6 (Standards for Affordable Housing) and the review authority may approve such a proposal. 1. 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 the nonresidential development 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 so long as 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 and also 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; or agrees to provide some other alternative mean of compliance allowed under the Guidelines. 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 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 so long as 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; or agrees to provide some other alternative mean of compliance allowed under the Guidelines. 3. The City will have the option to exercise the guaranty, deposit, letter of credit, or any other forms of assurance for timely delivery in the event that the affordable units are not completed within five years from the date of the first building permit issued, with any allowable extensions, or other alternative. E. Other Alternatives. The City may consider an alternative mitigation program proposed by the developer and the Community Development Director, such as the provision of off- site affordable units, donation of land for the construction of affordable units, purchase of existing units for conversion to affordable units or alternatives to the Standards for Affordable Housing. F. Agreement with City for Financing. If the City enters into a financing agreement with the applicant, the parties may agree to alter the requirements of Section 29.6 (Standards for Affordable Housing). G. Significant Number of Affordable Units. If an applicant exceeds the maximum percentage of affordable units set forth in the State Density Bonus law for low or very low income rental or moderate income ownership units, the City will consider an