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Shoreview Inclusionary <br />Housing Policy <br />covenants, and other related instruments, to ensure the affordability of the <br />affordable housing units in accordance with this policy. <br />c. The applicant or owner must prepare and record all documents, restrictions, <br />easements, covenants, and/or agreements that are specified by the city as <br />conditions of approval of the application prior to issuance of a zoning <br />compliance permit for any development subject to this policy. <br />d. Documents described above shall be recorded in the Ramsey County <br />Registry of Deeds as appropriate. <br />e. Inclusionary Housing Program Guide: The affordable units will be managed <br />and operated in compliance with the rules and regulations outlined in the <br />Inclusionary Housing Program Guide. <br />11. AFFORDABLE HOUSING TOOLS AND INCENTIVES <br />The developer of any of the following types of development that creates 20 or more total <br />dwelling units or preserves 20 or more NOAH units is eligible to use any of the following <br />affordable housing tools and incentives for which it qualifies: <br />a) New residential rental; <br />b) New mixed -use development with a residential rental; <br />c) Renovation of multiple -family residential structure that preserves or increases the <br />number of residential units from the number of units in the original structure; <br />d) Development that changes the use of an existing building from nonresidential to <br />residential; and <br />For developments that include existing units affordable to households with incomes at or <br />below 80% of AMI, to qualify for the tools and incentives of this article a development must <br />have a net gain in total housing units on the site(s) of the development affordable to <br />households with incomes at or below 80% of AMI that is equivalent or greater than the <br />number required in Section 3. <br />A development that complies with the requirements of this chapter by payment pursuant <br />to Section 3 is not eligible to use the affordable housing tools and incentives described in <br />this article. <br />To use the tools and incentives described in this article, prior to issuance of a certificate of <br />occupancy, the developer of a qualifying development must provide the city with the <br />record evidence of a covenant that maintains the housing units as affordable rental <br />housing to households at or below 80% of AMI for a period of no less than 20 years, and up <br />to 25 years. <br />