23.42.055

A. This Section 23.42.055 establishes the requirements for use of alternative development standards for development of affordable units on property owned or controlled by a religious organization where allowed by the provisions of the zone. B. Eligible property. The property must be owned or controlled by a religious organization at the date of the permit application. C. Affordability requirements 1. All units permitted pursuant to this Section 23.42.055 shall be affordable units. For purposes of this Section 23.42.055 , "affordable unit" means a dwelling unit that is a restricted unit subject to housing cost and income limits no higher than 80 percent of median income. 2. Duration. The requirements of subsection 23.42.055.B shall last for a period of 50 years from the date of the certificate of occupancy or, if a certificate of occupancy is not required, from the date of the final building permit inspection for the development to which this Section 23.42.055 applies. 3. Affordable rent. Monthly rent shall not exceed 30 percent of 80 percent of median income. 4. Affordable sale price. The Office of Housing will establish by rule the formula for calculating maximum affordable prices for initial sales and resales to allow modest growth in homeowner equity while maintaining long-term affordability for income-eligible buyers. D. Agreement. As a condition of building permit issuance for a development according to this Section 23.42.055 , the property owner and the Director of Housing must enter into an agreement in a form acceptable to the City that includes housing covenants consistent with this Section 23.42.055 and the final plan set approved by the Department. The agreement must be recorded on the title of the eligible property. E. Applicability. Projects that vested according to Section 23.76.026 prior to August 9, 2021, in accordance with subsection 23.76.026.F and that satisfy the requirements of this Section 23.45.055 are also eligible to use the alternative development standards authorized by this Section 23.42.055 where allowed by the provisions of the zone. (Ord. 127228 , § 6, 2025; Ord. 126855 , § 5, 2023; Ord. 126685 , § 9, 2022 [cross-reference update]; Ord. 126445 , § 1, 2021; Ord. 126384 , § 1, 2021)