CONDOMINIUM DEVELOPMENT AND CONDOMINIUM CONVERSIONS
The Tenant Information Package shall be delivered to each tenant within five working days after the Community Development Director has approved the Tenant Information Package. |
The units shall remain affordable for 30 years, except that, if the condominium project or condominium conversion is located within a redevelopment project area, the units shall remain affordable for 45 years, if sold to qualifying households, or for 55 years, if rented to qualifying households. The affordable units shall be distributed throughout the project and not concentrated in one location. Fractions of units of 0.5 or greater shall be rounded up to the next highest whole number. For fractions of less than 0.5, the applicant may provide an additional affordable unit or pay in-lieu fees established by the City prior to final map approval. Tenants of the condominium conversion project who are income-qualified shall be given priority to acquire the affordable units, and a lottery shall be used if necessary to determine unit possession. The affordable units required by this section shall be provided in addition to any existing deed restricted affordable units in the project. If the project is subject to the affordable housing requirements of other ordinances or agencies, then the most restrictive requirements shall apply. Prior to approval of the final map, an affordable housing agreement between the applicant and the City shall be recorded to ensure continued affordability of the required affordable units. |
CONDOMINIUM DEVELOPMENT AND CONDOMINIUM CONVERSIONS
The Tenant Information Package shall be delivered to each tenant within five working days after the Community Development Director has approved the Tenant Information Package. |
The units shall remain affordable for 30 years, except that, if the condominium project or condominium conversion is located within a redevelopment project area, the units shall remain affordable for 45 years, if sold to qualifying households, or for 55 years, if rented to qualifying households. The affordable units shall be distributed throughout the project and not concentrated in one location. Fractions of units of 0.5 or greater shall be rounded up to the next highest whole number. For fractions of less than 0.5, the applicant may provide an additional affordable unit or pay in-lieu fees established by the City prior to final map approval. Tenants of the condominium conversion project who are income-qualified shall be given priority to acquire the affordable units, and a lottery shall be used if necessary to determine unit possession. The affordable units required by this section shall be provided in addition to any existing deed restricted affordable units in the project. If the project is subject to the affordable housing requirements of other ordinances or agencies, then the most restrictive requirements shall apply. Prior to approval of the final map, an affordable housing agreement between the applicant and the City shall be recorded to ensure continued affordability of the required affordable units. |