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a.The developer shall provide the City with assurance to the satisfaction of the City Attorney prior to the issuance of building permits that:

1.All program housing units in a project shall be sold or rented to low- or moderate-income households who are certified as eligible by the City or its authorized agent.

2.All low- or moderate-income units in a project and in phases of a project shall be constructed concurrently with, or prior to the corresponding upper and middle income units unless waived by the City Council.

a.It should be noted that these units need not have the same level of amenities or market value as the upper- and middle-income units of the project unless specifically required by the City.

3.Preference shall be given for low- or moderate-income units to persons who live or work within the City of Monterey. However, the developer shall not discriminate in the sale of low- or moderate-income units on the basis of race, creed, national origin, color sex, age, income source, or marital status. The City or a designated agent will administer this facet of the project.

4.In meeting this inclusionary requirement, the developer may use such devices as deed restrictions, wrap-around financing, land sales contracts, and first right of refusal vested in the City and other similar devices which will ensure the perpetration of low- or moderate-income housing. These devices are set forth as guidelines only, with the developer free to meet the goals and of this chapter utilizing other similar guarantee methods, as approved by the City. (Ord. 3671 § 4, 2023; Ord. 3344, 2004. Formerly 8-7)