Affordable housing. For all independent elderly housing, the total number of allowable dwelling units may be increased by 25% if the applicant designates at least 10% of the total number of units for use as affordable elderly housing units. Such units may be rented, sold or otherwise provided to elderly persons qualified to receive federal or state rental assistance or subsides for reducing mortgage payments in accordance with income and asset limitations established by the authorizing state or federal agency. The applicant may choose to meet affordable housing requirements directly by utilizing similar income and asset standards and establishing rents, sales price or entry fees for units which are determined to be generally consistent with those established under the various subsidy programs. For this purpose, the Planning Board, in consultation with the Housing Authority, may establish the rent, carrying charge, maintenance fee, sales price or entry fee in order to meet the requirements for affordable housing. Such units shall be maintained as affordable housing units for the life of the independent elderly housing development. In the event that the applicant is unable to meet its obligations in the manner prescribed above, or as an alternative program, the Planning Board may allow the applicant to contribute funds, in lieu of housing units, to the: Town, Housing Authority or any public or nonprofit agency which is authorized to develop or support affordable elderly housing. The rate of contribution shall be $2 per square foot of gross floor area of all buildings and structures, exclusive of underground parking or swimming pools. The granting of this density bonus shall not exempt the applicant from meeting any of the other provisions of this or other referenced sections of this bylaw.