As used in this chapter, the following terms shall have the following meanings:
"Affordability"
is determined as thirty percent or less of the area median income (AMI) as adjusted for assumed household size for moderate income, low income, and very low income households as defined by the Health and Safety Code.
"Density bonus"
means a density increase over the otherwise maximum allowable residential density under the applicable zoning ordinance and land use element of the general plan as of the date of application by the developer to the City. The density bonus shall apply to residential developments of five or more units. The number of housing units to be reserved for low or very low income households or qualifying residents does not include the density bonus units.
"Equivalent financial value"
means the cost to developer/property owner based on the land cost per dwelling unit. The land cost per dwelling unit is determined by the difference in the value of the land with and without the density bonus.
"Housing development,"
as used in this chapter, means a development project for five or more residential units. For the purposes of this chapter, "housing development" also includes a subdivision or common interest development, as defined in Section 4100 of the Civil Code, approved by the City and consists of residential units or unimproved residential lots and either a project to substantially rehabilitate and convert an existing commercial building to residential use or the substantial rehabilitation of an existing multifamily dwelling, as defined in subdivision (d) of Government Code Section 65863.4, where the result of the rehabilitation would be a net increase in available residential units. For the purpose of calculating a density bonus, the residential units shall be on contiguous sites that are the subject of one development application, but do not have to be based upon individual subdivision maps or parcels. The density bonus shall be permitted in geographic areas of the housing development other than the areas where the units for the lower income households are located.
"Lower income households"
are as currently defined in Section 50079.5 of the Health and Safety Code and any subsequent amendments or revisions.
"Maximum allowable residential density"
means the density allowed under the zoning ordinance and land use element of the general plan, or if a range of density is permitted, means the maximum allowable density for the specific zoning range and land use element of the general plan applicable to the project. Where the density allowed under the zoning ordinance is inconsistent with the density allowed under the land use element of the general plan or, if the proposed density is in an area subject to the City's certified Local Coastal Program, the general plan or the City's certified Local Coastal Program density shall prevail.
"Qualifying resident" or "senior citizen"
means a person sixty-two years of age or older, or fifty-five years of age or older in a senior citizen housing development as defined in Section 51.3 of the Civil Code and any subsequent amendments or revisions.
"Very low income households"
are as currently defined in Section 50105 of the Health and Safety Code and any subsequent amendments or revisions.
(Ord. 2016-1155 § 1)