Qualifying Units. Qualifying Units are those affordable residential units that are required to be provided on site under the Density Bonus Law in order to obtain a density bonus. For a period of fifty-five years from the date the City first issues a Certificate of Occupancy (“Density Bonus Period”), fifteen (15) of the residential units shall be rented to and occupied by, or if vacant, available for occupancy by Very Low Income Households at rents set in accordance with Section 2.5 below and fifteen (15) of the residential units shall be rented to and occupied by, or if vacant, available for occupancy by Very Low Income Households at rents calculated in accordance with Section 2.5 below.
Appears in 2 contracts
Sources: Regulatory Agreement, Regulatory Agreement