A. When inclusionary units are required, a deed restriction shall be recorded setting forth the applicable restrictions in this chapter.
B. Except as may be otherwise provided, inclusionary units shall be required to maintain affordability in perpetuity, unless a different period is required by State law. A program to assure affordability for these units for this period of time shall be administered by the City or by a nonprofit housing agency approved by the City. The applicant shall enter into an agreement with the City or its designee to provide monitoring and to assure affordability of the inclusionary units in perpetuity. The City Manager shall be authorized to enter into such agreement on behalf of the City. The approved agreement shall be recorded with the Sonoma County Recorder prior to issuance of a building permit for the project.
1. All buyers of “for sale” inclusionary units shall enter into a resale agreement with the City or its designee prior to the close of escrow for such inclusionary unit. A standard form resale agreement instrument shall be reviewed and approved by the City Council. The resale agreement shall specify that the unit is required to remain affordable upon resale, shall provide for an option for the City or its designee to designate an eligible purchaser and shall provide the City or its designee with first right of refusal to purchase the unit, and shall provide for a calculation of future equity assignment upon sale of the unit. Such agreement shall be recorded against each lot or unit.
2. Conversion of an inclusionary rental unit to a “for sale” unit, if otherwise permitted, shall not void any provisions of applicable inclusionary housing agreements or requirements. (Ord. 1111, 2018)