A. The property must be located in a residential targeted area.

B. The project must be construction of new multifamily rental housing consisting within a residential structure or as part of a mixed-use development, in which at least 50 percent of the space within such residential structure or mixed-use development is intended for permanent residential occupancy.

C. A minimum of four new dwelling units must be created.

D. No application may result in the net loss of existing affordable housing which receives housing assistance through any federal, state, or local low- or moderate-income housing programs (e.g., HUD Section 8 program).

E. Affordable housing shall be provided in the project as described in BMC 3.90.120 or through an alternative compliance method as described in BMC 3.90.170.

F. Prior to issuing a certificate of occupancy, an MFTE covenant, in a form acceptable to the city attorney, that addresses price restrictions, eligible household qualifications, long-term affordability, and any other applicable topics of the affordable units shall be recorded in the real property records of the county in which the project is located. This MFTE covenant shall be a covenant running with the land and shall be binding on the assigns, heirs, and successors of the owner. Affordable units that are provided under this section shall remain as affordable housing for the life of the project from the date of initial occupancy.

G. The project shall comply with all applicable provisions of the Bothell Municipal Code.

H. Construction of new multifamily housing must be completed within three years from the date of approval of the application, as described in BMC 3.90.080, or within an extension authorized under this chapter. (Ord. 2358 § 1, 2021).