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c� <br /> x <br /> a <br /> ZONING 1 1 4 <br /> T <br /> ARTICLE 3• GENERAL TO ALL period of affordability,they may take advantage of any <br /> incentives that are applicable to their application. <br /> DIVISION 1: AFFORDABLE HOUSING Section 4.3.1.4 Standards <br /> Section 4.3.1.1 Purpose and Intent A. Period of Affordability.Affordable and workforce housing is <br /> required to be maintained for a period of no less than 30 years. <br /> This Division implements the City's Affordable Housing Policy, <br /> which is intended to foster the preservation and production of 1. For Sale Units.The resale price of any affordable unit <br /> permanently affordable housing units. The intent of supporting shall not exceed the purchase price paid by the owner of <br /> affordable housing is: that unit during the period of affordability with the following <br /> exceptions: <br /> A. To narrow the housing deficit for households that cannot afford <br /> market-priced rental or for-sale housing. a. Customary closing costs and costs of sale. <br /> B. To support the local workforce and provide housing stability for b. Costs of real estate commissions paid by the seller if <br /> residents and families allowing them to live close to their jobs a licensed real estate salesperson is employed. <br /> and other services facilitating reduced traffic congestion, air <br /> pollution, and investments in city infrastructure. C. Consideration of permanent capital improvements <br /> installed by the seller. <br /> C. To support residents and families of San Marcos contributing to <br /> and developing the local economy in the long term. d. An inflation factor to be applied to the original sale <br /> price of a for-sale unit pursuant to rules established <br /> Section 4.3.1.2 Definitions under Section 4.3.1.5. <br /> A. Affordable Housing. Affordable Housing is defined as housing 2. Rental Units. During the period of affordability,the <br /> or shelter that is developed or re-developed for households applicant or his or her agent shall manage and operate <br /> earning no more than 80% of the median family income. In affordable units and shall submit an annual report <br /> order to avoid being cost burdened, households should not identifying which units are affordable units,the monthly <br /> spend more than 30% of their gross income on housing. rent for each unit, vacancy information for each year <br /> for the prior year, monthly income for tenants of each <br /> B. Workforce Housing.Workforce housing is defined as housing affordable units, and other information as required, while <br /> or shelter that is developed or re-developed for households ensuring the privacy of the tenants. The annual report <br /> earning no more than 140% of the median family income. shall contain information sufficient to determine whether <br /> Section 4.3.1.3 Applicability tenants of for-rent units qualify for affordable or workforce <br /> housing. <br /> A. Developments that elect to incorporate affordable or workforce <br /> housing meeting the requirements of this section are eligible for B. Eligible Households. In the case of for-rent affordable <br /> the following types of incentives: housing units, eligible households under the affordable housing <br /> standards shall meet the following additional requirements: <br /> 1. Bonus density under Section 4.3.2.3. <br /> 1. Affordable and workforce rental units shall not be located <br /> 2. Additional stories under Section 4.3.4.66. within a complex that is designed, marketed or used for <br /> 3. Reduced parking under Section 7.1.3.2. the primary purpose of housing students. <br /> 2. Affordable and workforce rental units shall be targeted to <br /> B. Housing Preservation. If an applicant is considering residents that are 22 years of age or older. <br /> permanently preserving housing stock that had an expiring <br /> Amended: October 17,2023 San Marcos Development Code 4:19 <br />