A. Location. The project must be located within the Lacey corporate limits.

B. Proposed Completion Date. The construction of housing units granted a waiver shall be completed within two years from the date of approval of the application.

C. Minimum Percentage. A minimum of ten percent of the total number of proposed units within a development that is granted a waiver shall be designated affordable under subsection (F) of this section.

D. Other Regulations. Units granted a waiver shall comply with all applicable federal, state, and local affordability standards.

E. Targeted Area Median Income. Proposed affordable housing units shall be rented or sold to individuals with an area median income of eighty percent or less as established by the most recent Department of Housing and Urban Development calculation for the Olympia-Tumwater WA Metropolitan Statistical Area.

F. The applicant agrees the units granted a waiver will remain designated for those with an area median income of eighty percent or less as established by subsection (E) of this section in perpetuity. This classification shall be established through restrictive covenants, deed restrictions, or other binding affordability agreement approved by the city. These affordability covenants or deed restrictions must be in place as a written agreement that is recorded with the deed of the property and limits transfer of the property to another qualified household. The covenants or deed restrictions will apply permanently.

G. An agency designated by the city shall monitor compliance of the affordability requirements established by subsection (F) of this section for units granted waivers. (Ord. 1612 §18, 2022).