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<br />Ordinance No. NS-XXX <br />Page 11 of 16 <br /> <br /> <br /> <br /> (2) While the total number of square feet of inclusionary housing <br />requirement is calculated based on the requirements of this ordinance, the number of <br />units, bedrooms and other amenities on the proposed off-site inclusionary housing <br />location shall be approved by the review authority commensurate with the size and type <br />of units most in demand at the time of submittal of the application. <br /> <br /> (3) Any off-site affordable inclusionary housing project shall be <br />substantially comparable to the market rate units included in the residential project in <br />terms of quality of design, materials and finishes. <br /> <br /> (4) If tenants are displaced due to rehabilitation of housing to meet the <br />inclusionary unit requirement, the developer shall be responsible for relocation costs as <br />required by state law. <br /> <br /> (5) No city, housing authority, or public funds, subsidies, or participation <br />of any kind shall be expended on the production or building of any inclusionary housing <br />projects associated with meeting the inclusionary unit requirement. <br /> <br /> (d) Timing of construction. All inclusionary units in a residential project or <br />proposed off-site new inclusionary units or rehabilitated units shall be constructed <br />concurrent with, or before the construction of the market rate units. If the city approves a <br />phased project, a proportional share of the required inclusionary units shall be provided <br />within each phase of the residential project. <br /> <br /> (e) Units for sale. <br /> <br /> (1) Time limit for inclusionary restrictions. A unit for sale shall be <br />restricted to the target income level group at the applicable affordable housing cost for a <br />minimum of fifty-five (55) years.in perpetuity. <br /> <br /> (2) Certification of purchasers. The developer and all subsequent <br />owners of an inclusionary unit offered for sale shall certify, on a form provided by the <br />city, the income of the purchaser and that such owners will live in such inclusionary unit <br />as their primary residence. <br /> <br /> (3) Resale price control. In order to maintain the availability of <br />inclusionary units required by this article, the resale price of an owner occupied <br />inclusionary unit shall be limited to the lesser of the fair market value of the unit as <br />established by a licensed real estate agent based upon three (3) comparable properties <br />or the restricted resale price. For these purposes, the restricted resale price shall be the <br />applicable affordable housing cost. <br /> <br /> (4) Inheritance of inclusionary units. Upon the death of an owner of an <br />owner-occupied inclusionary unit, title in the property may transfer to the surviving joint <br />tenant or heir (in the case of the death of a sole owner or all owners of the household).