Sec. 8-1.04. Definitions.
a. City Incentives.Methods for the City to encourage developer participation or to offset the costs of developer participation. As set forth in City resolutions or State law, these may include nongeneral fund subsidies, mortgage revenue bonds, waivers or requirements and density increases, or other such incentives.
b. Developer.A subdivider, builder or other producer of lots, or buildings for residential use. This program excludes developers of one (1) to five (5) units built on a single lot, or subdivision, or condominium conversion of rental units on a site into less than six (6) units where no contiguous lots are owned by the developer.
c. Developer Housing Program.A form of developer participation whereby a developer provides a report to the City in advance of project approval, describing the specific efforts that the developer will take to promote low- to moderate-income construction in the City. This program may be accepted or rejected by the City Council.
d. Developer Participation.A contribution in the form of new residential units, residential land or financial assistance, or any combination thereof, which will contribute affordable low- or moderate-income housing to the community, either directly or indirectly.
e. Fees.Payment of cash made in lieu of development of units or dedication of land, and this money shall be restricted in use for acquisition of sites, or for subsidy of low- to moderate-income housing.
f. Housing Sponsors.Public or private organizations which may use land or funds collected by the City’s land banking program to develop housing that would be affordable to low- and moderate-income households.
g. Housing Unit; Program Housing Unit.A housing unit is an individual lot, dwelling, apartment unit, or other similar living accommodation intended for residential purposes.
h. Landbanking.Purchase or receipt of land by the City, with or without existing structures, for the purpose of making it available to low- to moderate-income housing sponsors.
i. Low-Income Housing.Housing affordable to households which earn zero (0) to eighty percent (80%) of the Monterey County Median Income, as specified by the current State of California Department of Housing and Community Development (HCD) data, or similarly recognized current year data. It is assumed that low-income housing can be rented for twenty-five percent (25%) or less of a household’s monthly gross income; or alternatively, purchased with payments of thirty-three percent (33%) or less of a household’s monthly gross income.
j. Market Value.The value that a willing, unconstrained buyer or seller would agree upon as an exchange price.
k. Moderate-Income Housing.
1.Housing that is affordable for purchase by moderate-income households that earn eighty percent (80%) to one hundred twenty percent (120%) of the Monterey County Median Income, adjusted for household size, as specified in current HCD data or similarly recognized current year data.
2.Housing that is affordable for rental by moderate-income households who earn eighty percent (80%) to one hundred percent (100%) of the Monterey County Median Income, adjusted for household size, as specified in current HCD data or similarly recognized current year data.
It is assumed that moderate-income housing can be rented for twenty-five percent (25%) or less of a household’s monthly gross income; or alternatively, purchased with payments of thirty-three percent (33%) or less of a household’s monthly gross income. These may be affordable units in any of these general categories: single-family homes, condominiums, apartments, planned unit developments, or other housing types, which meet relevant City standards for dwelling units.
l. Off-Site Construction.Erection of low- or moderate-income housing units on land other than that upon which the developer intends to place units. Off-site units must be placed within the City of Monterey.
m. Upper- and Middle-Income Housing.Housing that sells or rents at levels above those of housing affordable to moderate-income households. (Ord. 3671 § 4, 2023; Ord. 3344, 2004. Formerly 8-5)