The purpose of this section is to allow increases in allowable density for multifamily developments which provide low or moderate income for sale housing and/or market rate rental apartments as outlined in the sections which follow.

1.

Affordable housing. Affordable housing includes housing which is subsidized by state or federal government grant programs and housing which is oriented to moderate and middle-income families such as that regulated by the Massachusetts Housing Opportunity Program. Such housing is made affordable through direct grants, interest rates and sales prices below market rates, and other types of subsidies by the public or private sector.

2.

Resale controls. Resale controls are those controls which are imposed upon housing units dedicated as affordable to ensure the continued affordability of those units to eligible home buyers for a certain amount of time. Such resale controls shall be incorporated as deed restrictions.

1.

Affordable low to moderate for sale housing units. If a multi-family development project proposes twenty-five (25) percent of its housing units to be dedicated as low income housing as outlined below, the number of allowable units and the number of units per structure as defined in section VI-A of this ordinance may increase by fifty (50) percent.

2.

Market rate rental units. If a multi-family development project proposes twenty-five (25) percent of its total housing units to be developed as market rate rental housing as outlined below, the number of allowable units and the number of units per structure may be increased by fifty (50) percent.

1.

Affordable low to moderate housing units. [The following requirements are applicable to affordable low to moderate housing units:]

a.

Price. The permissible sales price limitations for the designated affordable units shall be as defined and published and as revised by the Massachusetts Department of Community Affairs or Massachusetts Housing Finance Agency so that the units are affordable for a low or moderate income households.

b.

Qualified low and moderate household. Persons or families shall be considered qualified purchasers when they meet the income qualifications for low and moderate households as published by the State of Massachusetts Executive Office of Communities and Development and Massachusetts Housing Finance Agency.

c.

Re-sale conditions and terms. Deed restrictions governing the re-sale value shall be placed on the affordable units. Said restrictions shall impose a resale value consisting of a percentage of appraised value on the unit at the time of initial sale. Said percentage of appraised value shall, through the deed restriction, be imposed upon said property for a period of forty (40) [years] from the date of the initial sale of the unit.

2.

Market rate rental housing. [The following requirements are applicable to market rate rental housing:]

a.

Conversion from rental to for-sale units. Deed restrictions prohibiting conversion from rental to for-sale units shall be imposed for a period of forty (40) years on any units designated as market rate rental units.

The applicant must submit an application for a special permit for multifamily housing with an accompanying site plan as required in section XVII of this ordinance. In addition, a narrative description of the following information shall also be submitted:

1.

Total number of units.

2.

Total number of affordable or market rate units.

3.

Approximate sales price or rent levels.

4.

Method of financing the development.

5.

Proposed legal documents ensuring affordability and/or prohibitions against resale of rental units.

6.

Demonstration of compliance with standards for affordability based on the state executive office of communities and development or MHFA regulations and standards.

7.

Letter of commitment from the subsidizing agency when the units are to be constructed under a federal or state subsidy program.