§ 25-1-705. REQUIRED AFFORDABILITY PERIOD.

(A)

To be eligible for the S.M.A.R.T. Housing program, unless a longer term is required by law, private agreement, or another provision of this Code, all reasonably-priced dwelling units in a S.M.A.R.T. Housing development must remain reasonably-priced for the following affordability periods commencing on the date of initial occupancy:

(1)

except as provided in Paragraphs (3) and (4), for dwelling units within the University Neighborhood Overlay District, a period of at least fifteen years;

(2)

except as provided in Paragraphs (3) and (4), for dwelling units outside the University Neighborhood Overlay District:

(a)

if the unit is owner-occupied, a period of at least one year, or if the owner is receiving federal housing assistance, a period of at least five years; or

(b)

if the unit is a rental unit, a period of at least five years.

(3)

for dwelling units in a DMU or CBD base zoning district, a period of at least 99 years for owner-occupied units, and a period of at least 40 years for rental units; and

(4)

for dwelling units in a VMU building that has or will benefit from an exemption from dimensional standards available under Chapter 25-2, Article 4, Section 4.3.3.E ( Dimensional and Parking Requirements ), the applicable affordability period set forth in Chapter 25-2, Article 4, Section 4.3.3.F ( Affordability Requirements ).

(B)

If a reasonably-priced dwelling unit within a S.M.A.R.T. Housing development is converted from a rental unit to an owner- occupied dwelling unit during the applicable affordability period, the dwelling unit shall be subject to the affordability period applicable to an owner-occupied dwelling unit, and the new affordability period begins on the date that the converted dwelling unit is available for owner occupancy.

(C)

If the development does not comply with the requirement to maintain the applicable percentage of dwelling units as reasonably- priced for the duration of the applicable affordability period, the developer shall reimburse the City for all fees.

(D)

The director may require the developer to execute an agreement and restrictive covenant or other binding restriction on land use that preserves affordability in accordance with the S.M.A.R.T. Housing program. The agreement may include:

(1)

terms that require a defaulting applicant to pay the otherwise applicable fees;

(2)

liquidated damages in an amount up to twice the amount of fees waived, being such an amount that will fairly compensate the City for administrative costs incurred; and

(3)

liquidated damages that will fairly compensate the City for any breach that results in the loss of reasonably-priced dwelling units during the affordability period.

Source: Ord. 20071129-100.