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3. Existing rental units can be acquired, substantially rehabilitated and then income and affordability covenants can be placed on the units. In order to exercise the acquisition and substantial rehabilitation option, the existing units must exhibit substantial building and other code violations, the units must have been vacant for at least 90 days, and the rehabilitation costs must be equal to at least 25% of the market value of the unit after the rehabilitation is completed; or 4. An In -Lieu Fee can be paid by right for projects with between five and 20 units, and for fractional unit obligations. In addition, projects with more than 20 units can fulfill the obligation by paying an In -Lieu Fee if the City Council determines that the cost of providing the Inclusionary Units on site would substantially exceed the applicable In -Lieu Fee. Other key requirements are as follows: 1. The Inclusionary Units must be: a. Reasonably dispersed throughout the market rate project; b. Proportional in the number of bedrooms to the market rate units in the project; C. Comparable to the market rate units in terms of design, materials, finished quality and appearance; and d. Permitted the same access to project amenities and recreation facilities as the market rate units. The Inclusionary Units must be constructed at the same time or before the construction of the market rate units. The Property Owner must accept recorded income and affordability controls that will remain in place for 55 years from the date the Project is placed in service. Administrative Procedures Manual The requirements that are imposed on rental housing projects are detailed in the Affordable Rental Housing Administrative Procedures Manual adopted by the City Council, The Administrative Procedures Manual provides Property Owners with the following information: Housing Opportunity Ordinance— Affordable Rental Housing Program Summary Page 2 City of Santa Ana August B, 2014 19H -103