§ 4.7.6. Rental housing units.

a.

A covenant shall be recorded in the Public Records specifying the income level served, rent levels, reporting requirements and all restrictions applicable to the workforce housing units. All leases shall contain language incorporating covenants applicable to the workforce housing unit and reference recorded covenants.

b.

Units targeted to very low income households under the 60 percent affordability level of the Palm Beach County median income, adjusted for family size, shall not have rental rates that exceed 100 percent of the HUD determined fair market rent for the area.

c.

Units targeted to low income households at 61 percent to the 80 percent affordability level of the Palm Beach County median income, adjusted for family size shall not have rental rates that exceed 120 percent of the HUD determined fair market rent for the area.

d.

Units targeted to moderate income households at 81 percent to the 120 percent affordability level of the Palm Beach County median income, adjusted for family size, shall not have rental rates that exceed 140 percent of the HUD determined fair market value rent for the area.

e.

No workforce house units shall be offered for rent to the general public until all requirements of this section are met.

f.

All Restrictive Covenants shall meet the requirements of this Article and are subject to approval of the City Attorney.