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a.It is a policy of the City of Monterey that all private developers of housing of six (6) or more units, including subdivision of property for residential purposes, and the conversions of existing apartment units to condominium units, shall contribute to the City’s housing goal for moderate-income and low-income housing as specified in this chapter.

b.It is a policy of the City of Monterey that moderate-income and low-income housing developed under this chapter shall remain affordable to moderate-income and low-income households, or shall be replaced with moderate-income and low-income housing.

c.It is a policy of the City of Monterey to actively promote voluntary private efforts to develop moderate-income and low-income housing by offering public incentives for this production. (Ord. 3344, 2004)