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G. The citizens of the City seek a well-planned, aesthetically pleasing and balanced community, with housing affordable to very low-, low- and moderate-income Households. Affordable housing should be available throughout the City, and not restricted to a few neighborhoods and areas. Therefore, our primary goal with this policy is to have diverse housing. However, there may also be trade-offs where constructing affordable units at a different site than the site of the principal principle project may produce a greater number of affordable units without additional costs to the project applicant. Thus, the City finds that in certain limited circumstances, the purposes of this Article may be better served by allowing the developer to comply with the inclusionary requirement through altemative means, such as development of off-site housing or dedication of land. For example, if a project applicant can produce a significantly greater number of affordable units off-site, it may (but not always) be in the best interest of the City to permit the development of affordable units at a different location than that of the principal project. H. Federal and state funds for the construction of new affordable housing are insufficient to fully address the problem of affordable housing within the City. Nor has the private housing market provided adequate housing opportunities affordable to moderate-, low- and very low-income Households. 6-3004 Definitions. As used in this Article, the following terms shall have the following meanings: A. Affordable Rent means monthly rent that does not exceed one twelfth of 30 percent of tho maximum ~:lnnuQI income the followinq calculation for a Household of the applicable income level (moderate-, low-or very low-income). : 1.) For low-income rental households: 1/12 of 300~ of 60% area median income (AMI) 2.) For ve/Y low income rental households: 1/12 of 30% of 50% AMI B. Affordable Ownership Cost means a sales price that results in a monthly housing cost (including mortgage payment, interest, property taxes, insurance, utilities, maintenance and home association costs, if any) that does not exceed one tv.'Olflh of 35 percent of the followinq calculation m:3Ximum annuQI income for a Household of the applicable income (moderate or low income). 1.) For moderate-income households, 1/12 of 35% of 110% AMI 2.) For low-income households, 1/12 of 35% of 70% of AMI C. Approval Authority means a person or body that is authorized to approve the Housing Development as specified in the San Leandro Zoning Code. D. Area Median Income means the median bmily household income of a geographic area of the state, as annually estimated by the United States Department of Housing and Urban Development pursuant to Section 8 of the Housing Act of 1937. 3