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 10 new dwelling units must be created.

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

E. Affordable housing shall be provided in the project as described in RMC 3.38.120 or through an alternative compliance method as described in RMC 3.38.170.

F. Prior to issuing a certificate of occupancy, a 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 housing units shall be recorded with the King County Department of Records and Elections. 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 mix and configuration of housing units (e.g., very small units, studio, one-bedroom, two-bedroom, etc.) used to meet the requirement for affordable units under RMC 3.38.120 shall be substantially proportional to the mix and configuration of the total housing units in the project unless otherwise approved by the Director. The exterior materials and design of the affordable housing units must be comparable with the other dwelling units in the development, with similarity in building finishes, rooflines and landscaping. The interior finish and quality of construction of the affordable units shall at a minimum be comparable to entry level rental housing in the City.

H. The project shall comply with all applicable provisions of the Redmond Zoning Code and the Redmond Municipal Code.

I. Construction of new multifamily housing must be completed within three years from the date of approval of the application, as described in RMC 3.38.080, or within an extension authorized under this chapter. (Ord. 2892 § 3 (part), 2017).