Title
Be it ordained by the Malden City Council that the Code of the City of Malden (MCC) 12.12.300 INCLUSIONARY ZONING is hereby amended by striking the ordinance in its entirety and inserting the following:
Body
A. Purpose
The purpose of this Section is to promote the development of Affordable Housing in order to improve housing stability for low- and moderate-income households, mitigate the impact of increasing housing costs, and maintain an economically integrated community by promoting diverse affordable housing opportunities throughout Malden.
B. Definitions
For the purposes of this ordinance, the following terms shall have these meanings:
"Affordable Housing Trust Fund": Malden's municipal affordable housing trust fund, as defined in Malden Municipal Code 2.16.005
"Affordable Housing Unit": A residential unit that is restricted by legally permissible instruments such as, but not limited to, deed covenants or restrictions, contractual agreements, or land trust arrangements in its sale, lease, and/or rental to an eligible household as defined in Section H of this ordinance at a price point such that housing and related costs do not exceed thirty percent (30%) of the renting/purchasing household's gross income.
"Area Median Income (AMI)": the midpoint of a specific area's income levels, as determined by the U.S. Department of Housing and Urban Development
"Deed-restriction": a recorded instrument held by a qualified holder which encumbers or restricts a real property interest for a set number of years, in perpetuity, or as long as legally permissible, for use as a residence occupied by a household at or below a set income threshold and with limitations on sale price or rent, as applicable.
"Developer": a public, non-profit, or for-profit entity developing a housing project
"EOHLC": The Massachusetts Executive Office of Housing and Livable Communities, or any successor agency
"OSPCD": the City of Malden's Office of Strategic Planning and Community Developme...
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