The following terms used in this chapter shall be defined as follows:
Affordable housing/affordable housing unit.
A housing unit which is available for sale to moderate income households or for rent to low and/or very low income households, as those terms are defined in this section.
Affordable rent.
Monthly rent charged to low and very low income households for housing units as calculated in accordance with Section 50053 of the Health and Safety Code.
Child care facility.
A facility that provides non-medical care and supervision of minor children for periods of less than 24 hours and is licensed by the California State Department of Social Services, further subject to the definition in California Government Code Section 65915(h)(4).
Density bonus.
A density increase for residential units over the otherwise allowed residential density under the applicable zoning and land use designation on the date an application is deemed complete.
Density bonus housing agreement.
A legally binding agreement between a developer and the City to ensure that continued affordability of the affordable housing units required by this chapter persists and the units are maintained in accordance with this chapter.
Density bonus units.
Those additional residential units granted pursuant to the provisions of this chapter.
Housing development.
A development project for 5 or more residential units. Within this chapter, it shall also include a subdivision or common interest development, a project which rehabilitates and converts a commercial building to a residential use, and a condominium conversion an existing multifamily building.
Incentives or concessions.
Regulatory concessions which include, but are not limited to, the reduction of site development standards or zoning code requirements, approval of mixed-use zoning in conjunction with the housing development, or any other regulatory incentive which would result in identifiable, financially sufficient, and actual cost reductions that are offered in addition to a density bonus.
Initial subsidy.
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. (e.g., X (fair market value of the home to be purchased) - Y (the price the moderate income family paid for the home) + Z (amount of any down payment assistance) = Initial Subsidy).
Low income household.
A household whose income does not exceed 80% of the area median income for Santa Barbara County, as published and periodically updated by the State Department of Housing and Community Development pursuant to Section 50079.5 of the California Health and Safety Code.
Moderate income household.
A household whose income does not exceed 120% of the area median income for Santa Barbara County as published and periodically updated by the State Department of Housing and Community Development pursuant to Sections 50079.5 and 50052.5 of the California Health and Safety Code.
Share of appreciation.
The ratio of the initial subsidy as defined above to the fair market value of the home at the time of initial sale. (e.g., X (initial subsidy) /Y (fair market value) = Proportionate Share of Appreciation).
Senior citizen housing development.
A housing development developed, substantially rehabilitated or renovated, and having at least 35 dwelling units for senior citizens in compliance with the requirements of Section 51.3 of the California Civil Code, or a mobile home park that limits residency based on age requirements for housing for older persons pursuant to Section 798.76 or 799.5 of the Civil Code.
Very low income household.
A household whose income does not exceed 50% of the area median income for Santa Barbara County, as published and periodically updated by the State Department of Housing and Community Development pursuant to Section 50105 of the California Health and Safety Code.
(Ord. 2016-455 §1)