Long-term affordability. The affordability for all units designated affordable in the development receiving benefits from the Town under Subsection
A shall be guaranteed in accordance with the following requirements:
(1) The period of affordability shall be at least 30 years after completion of construction.
(2) An application for a subdivision or other residential development that includes a request for a density bonus under this section shall include a written statement on the subdivision plan or other filing plat indicating the dwelling units are earmarked as affordable. Such plat must be approved and signed by the Planning Board and then filed at the Cumberland County Registry of Deeds prior to receiving any building permits.
(3) The method of guaranteeing affordability is determined on a case by case basis by the Town, provided that the application demonstrates to the satisfaction of the Planning Board that, by means of restrictive covenants, deed restrictions, financial agreements, or other appropriate legal and binding instruments, the dwelling units will remain affordable for the required period of time.
(a) For rental housing, occupancy of all the units designated affordable in the development will remain limited to households at or below 80% of the local area median income at the time of initial occupancy; and
(b) For owned housing, occupancy of all the units designated affordable in the development will remain limited to households at or below 120% of the local area median income at the time of initial occupancy.
(4) A copy of the deed restriction shall be included as part of the subdivision or other residential development application and the deed restriction shall reference the book and page number at which the subdivision/residential development plan is recorded in the Cumberland County Registry of Deeds. Affordable housing covenants shall be held and enforceable by a party acceptable to the Town.
(5) The period of enforceability shall be guaranteed by the developer in a document satisfactory to the Town and recorded at the Cumberland County Registry of Deeds prior to granting a certificate of occupancy for the affordable housing development. The document shall include, but not be limited to, authorization for the Town to seek the penalties outlined in the document and to seek injunctive relief, including attorney's fees and costs, or both.
