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Quantity required. The developer or builder shall provide no less <br />quantity of affordable housing than would have been required on - <br />site. <br />2. Location restrictions. The affordable units may not be located in a <br />low to moderate income area as designated by the U.S. Department <br />of Housing and Urban Development, unless an exception is granted <br />by the City Council pursuant to subsection H of this Section. <br />3. Existing housing. Existing homes may be acquired and deed <br />restricted as affordable if they are in good repair in the determination <br />of the City Manager based on an inspection paid for by the developer <br />but commissioned by the City, carry a warranty of sufficient scope <br />and duration to protect the resident from significant preexisting <br />deficiencies, and are not already burdened by restrictions requiring <br />them to be kept affordable or restrictions similar in effect. <br />4. Timing of off -site construction. No final plat or site plan shall be <br />executed for the location of the market -rate units until a final plat <br />sufficient to facilitate the development of the affordable units, and <br />final PUD if necessary, have been recorded. Phasing and security <br />shall be governed in the same manner as on -site locations as <br />described in subsection A.2 of this Section. The affordable housing <br />agreement shall run with the land and shall be recorded against the <br />off -site location. <br />5. Approval of the use of this option does not guarantee approval of <br />any land use application or building permit for the off -site location. <br />The developer risks forfeiture of security if unable to build the off - <br />site units as proposed. <br />D. Land dedication. A developer may seek to provide land to the City <br />in lieu of the development of affordable units. Dedicated land must meet the <br />following standards: <br />All off -site infrastructure necessary or proper for the development <br />of the land as affordable housing either: (i) must already be in place, <br />and any outstanding obligations paid to neighboring landowners for <br />public infrastructure they installed, (ii) the developer must agree to <br />build the infrastructure within a time frame that will not delay the <br />development of the affordable housing and the developer may be <br />required to post securities for the infrastructure via a public <br />improvement agreement, or (iii) the land donation must be <br />accompanied with additional compensation to the City sufficient to <br />construct such infrastructure. <br />Ordinance No. XXXX, Series 2022 <br />Page 7 of 15 <br />27 <br />