Ord 1999-025 - Laserfiche WebLink

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not cause or exacerbate racial, ethnic, or economic segregation. As an alternative means of meeting these inclusionary requirements, the Agency may purchase or otherwise acquire or cause by regulation or agreement the purchase or other acquisition of, long -term affordability covenants on multifamily units that restrict the cost of renting or purchasing those units. To be eligible, the units must be multifamily units that either: (I) are not presently available at affordable housing cost to persons and families of low or very low - income households, as applicable; or (2) are units that are presently available at affordable housing cost to this same group of persons or families, but are units that the Agency finds, based upon substantial evidence, after a public hearing, cannot reasonably be expected to remain affordable to this same group of persons or families. The Agency shall require the affordability covenants to be maintained on dwelling units at affordable housing cost for not less than 30 years. The Agency may not use affordability covenants to provide more than 50% of the affordable housing units to be made available. Not less than 50% of the units made available through the use of long -term affordability covenants shall be available at affordable housing cost to, and occupied by, very low- income households. These inclusionary requirements apply independently of the requirements for replacement housing. Inclusionary Housing Plan. The Agency, as part of the implementation plan required by Health and Safety Code Section 33490, shall adopt a plan to comply with the requirements of subparagraph 33413(b) of the Health and Safety Code governing inclusionary requirements for new and rehabilitated dwelling units. The plan shall be consistent with, and may be included within, the City's housing element of its General Plan. The plan for inclusionary housing shall be reviewed and, if necessary, amended at least every five years in conjunction with either the housing element cycle or the Plan implementation cycle. The plan shall ensure that the inclusionary requirements are met every 10 years. If the inclusionary requirements are not met by the end of each 10 -year period, the Agency shall meet these goals on an annual basis until the requirements for the 10 -year period are met. If the Agency has exceeded the requirements within the 10 -year period, the Agency may count the units that exceed the requirement in order to meet the requirements during the next 10 -year period. WEST SAN LEANDRO /MACARTHUR BOULEVARD PAGE 20 REDEVELOPMENT PROJECT AREA REV 2999;2239%22599: 32699; 33099;040199,061599E61 i