Affordable home ownership density bonus for multi-family residential units

(1) As used in this section: (a) "Affordable housing" means the same as that term is defined in Section 10-21-401. (b) "Owner-occupier" means the same as that term is defined in Section 10-21-401. (c) "Qualifying affordable home ownership multi-family density bonus" means municipal approval of a density of at least 20 residential units per acre. (2) If a municipality approves a qualifying affordable home ownership multi-family density bonus, either through a zoning ordinance or a development agreement, the municipality may adopt requirements for the qualifying affordable home ownership multi-family density bonus area to ensure: (a) at least 20% more residential units per acre than are otherwise allowed in the area; (b) at least 60% of the total units in the multi-family residential building be deed-restricted to owner-occupancy for at least five years; (c) at least 25% of the total units in the multi-family residential building qualify as affordable housing; (d) at least 25% of the total units in a multi-family residential building to be no larger than 1,600 square feet; or (e) the applicant creates a preferential qualifying buyer program in which a unit in a multi-family residential building is initially offered for sale, for up to 30 days, to a category of preferred qualifying buyers established by the municipality, in accordance with provisions of the Fair Housing Act, 42 U.S.C. Sec. 3601. (3) A municipality may offer additional incentives in a qualifying affordable home ownership multi-family density bonus area for multi-family residential units to promote owner-occupied, affordable housing.