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RESOLUTION NO. 2025-XXX 4 <br />entity, or is controlled by an entity, exempt from taxation pursuant to section 501(c)(3) of <br />the Internal Revenue Code. <br /> <br />(b) The amount of the Fee for any affordable unit, other than those units subject to Section <br />8.8.121(a), shall be fifty percent (50%) of the otherwise applicable rate. <br /> <br />(c) For the purposes of this Section, “affordable unit” means a unit that is affordable to, and <br />restricted to occupancy by, a low- or moderate-income household, as defined in Health <br />and Safety Code Section 50093. An affordable unit shall have affordable rent consistent <br />with Health and Safety Code Section 50053, or an affordable housing cost consistent with <br />Health and Safety Code Section 50052.5. Affordable units shall be subject to a restrictive <br />covenant, in a form approved by the Community Development Director, with a term of 55 <br />years for rental units and 45 years for ownership units. <br /> <br />10. This Resolution shall take effect sixty (60) days after adoption. <br /> <br />Introduced by Councilmember _______________ and passed and adopted this 21st day of July 2025 <br />by the following vote: <br /> <br />AYES: () <br /> <br />NOES: () <br /> <br />ABSENT: () <br /> <br /> <br />ATTEST: <br /> Kelly B. Clancy, CMC <br />City Clerk <br /> <br /> DRAFT