2007-03-36 to 2007-05-02-ATM-min

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Adjourned Session of the 2007Annual Town Meeting—March 28,2007 (b) Required Number.All residential developments shall provide inclusionary Units qualifying for`Inclusionary Credits"equal to at least 15%of the Net Units Added. Provision of Inclusionary Units qualifying for the required number of Inclusionary Credits shall be a condition of the special permit with site plan review authorizing the development. (c) Selection of affordability levels.The number of Inclusionary Units designated for households with a maximum household income of 80%of AMI or less("<80%units") shall be no fewer than the Net Units Added divided by eight and rounded down to the next whole number or zero. (d) Existing Affordable Units.Existing dwelling units that arc already subject to affordability restrictions,such as rent or price limits,do not qualify for Inclusionary Credits. (e) Calculation of Inclusionary Credits.inclusionary Units in developments shall qualify for Inclusionary Credits as follows: Maximum Household Inclusionary Credits per Inclusionary Credits per Income inclusionary Unit Tnclusionary Unit (%of AM1) (2 bedrooms) (3 or more bedrooms) <50% 0.80 1.30 <80% 0.60 1.00 <100% 0.45 0.85 <120% 0.30 0.70 (5) Continuing Affordability:Documentation. (a) An applicant for a special permit with site plan review shall prepare all deeds, condominium documents,and legal instruments,including,without limitation,all documents required to comply with this§135-46.1,in a form satisfactory to Town Counsel. (b) For each Inclusionary Unit,an applicant shall provide to the Planning Board a Unit Restriction and Regulatory Agreement(URRA)among the developer;the property owner;an approval agency,if applicable;and the Selectmen;which shall detail the calculation of the price of such unit as required by§135-46.1(3)(e)above,and shall require that at any future resale of the unit,the price shall be calculated at the same level with reference to the then current AMI.The URRA shall state the income and asset restrictions applicable to the purchaser or renter of such unit as required by 135-46.1(3)(d) above,and shall require that such restrictions,calculated in the same way,shall be applicable to all future purchasers and renters.It shall contain a marketing plan that meets local preference and fair housing requirements,consistent with state and federal laws. The URRA shall also contain provisions for annual monitoring of the units to ensure compliance with income and residency requirements. (c) The URRA shall set out provisions under which the Town shall be entitled to exercise a right of first refusal to purchase an Inclusionary Unit being offered for sale. Such provisions shall be substantially in the form of(a)any sample regulatory agreement established by the applicable site approval agency(including,without limitation,the Local Initiative Program of the Department of Housing and Community Development)or (b)any applicable administrative guidelines that may be adopted by the Planning Board. (d) For each Inclusionary Unit eligible for inclusion in the Town's Chapter 40B Subsidized Housing Inventory,an applicant shall provide to the Planning Board a site approval letter from a site approval agency or other documents sufficient to ensure such inclusion in accordance with M.G.L.Chapter 40B,or any successor statute,and all applicable state regulations. (e) For each Inclusionary Unit,the special permit with site plan review decision of the Planning Board,the URRA,and any documents attached thereto,shall be recorded as restrictive covenants with the unit deed in the Middlesex Registry of Deeds,prior to the issuance of any building permit for the development,so as to ensure continuing compliance with the requirements of this*135-46.1. (6) Development Design.Location and design of Inclusionary Units shall comply with the following: (a) Inclusionary Units shall be sited in no less desirable locations than the other units located on the same site.