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E. Compliance with Guidelines and Standards. The project shall be designed to comply with the city's - <br />building, housing, and zoning codes, and any other applicable regulations in effect at the time the <br />application is approved. <br />F. Displacement Mitigation. A proiect that would result in direct displacement of low-income residential <br />tenants or a community anchor may be conditioned to require reasonable mitigation of that <br />displacement. <br />G. Completion. The proiect shall be completed within three years from the date of approval of the <br />contract by the City as provided in 3.78.100(A) or by any extended deadline granted by the director as <br />provided in 3.78.100(B). <br />H. Contract. Per RCW 84.14.030(6), the applicant must enter into a contract under which the applicant <br />has agreed to the implementation of the development on terms and conditions satisfactory to the <br />council• planning director . <br />I. Expiration. No new applications may be accepted for inclusion into this program after December 31, <br />2032. No extensions may be granted under 3.78.040 after December 31, 2046. <br />• <br />• <br />• <br />3.78.080 Affordable housing for twelve-year tax exemption. <br />A. Projects which are seeking a twelve-year tax exemption shall provide twenty percent of the units as <br />follows: <br />Projects located within these ar as seeking a twelve year tax exemption shall provide: <br />1. (1) Ten percent of the units affordable to households whose income is at or below sixty <br />percent of the median household income for Snohomish County, adjusted for household size for <br />Snohomish County; <br />2. (2) Ten percent of the units affordable to households whose income is at or below eighty <br />percent of the median household income for Snohomish County, adjusted for household size for <br />Snohomish County. <br />3. Units intended exclusively for owner occupancy: twenty percent of the units affordable to <br />households whose income is at or below eighty percent of the median household income for <br />Snohomish County, adjusted for household size. <br />b. Area 4 (Waterfront) and Area 5 (Riverfront). Projects located within these areas <br />• <br />..., W....n <br />(2) Ten percent of then moderate income households. <br />2. Adjustment for Three Plus Bedroom Units. The affordable housing requirement can be met for rental <br />• <br />1 i <br />ORDINANCE Page 11 of 17 <br />