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C <br /> 3. The fee exemption shall only be granted when the applicant demonstrates the <br /> following criteria have been met: <br /> i. project will benefit the public; and <br /> ii. the applicant has sought other funding sources; and <br /> iii. there is a financial hardship to the project of paying the system <br /> development charge, and <br /> iv. the project is consistent with adopted city plans and policies relating to <br /> low-income housing. <br /> 4. An exemption granted under this subsection must be conditioned upon requiring <br /> the developer to record a covenant approved by the director of planning that <br /> prohibits use of the property for any purpose other than for low-income housing.At a <br /> minimum,the covenant must address price restrictions and household income limits <br /> for the low-income housing, and require that, if the property is converted to a use <br /> other than for low-income housing as defined in the covenant,the property owner <br /> must pay the applicable system development charge in effect at the time of any <br /> conversion. Covenants required by this subsection must be recorded with the <br /> Snohomish County Auditor. <br /> 5. Area median income shall mean the estimate from the Department of Housing and <br /> Urban Development(HUD)of how much money families in a given area earn, on <br /> average in a specified area. <br /> . 6. Low-income housing shall mean housing with a monthly housing expense that is <br /> no greater than thirty percent of eighty percent of the area median income adjusted <br /> for family size, for Snohomish County, as reported by the United States department <br /> of housing and urban development. <br /> 7. Nonprofit entities shall mean: <br /> i. Nonprofit as defined by state law that is exempt from income tax under section <br /> 501(c)of the federal internal revenue code; <br /> ii. Limited partnership where a nonprofit that is exempt from income tax under <br /> section 501(c) of the federal internal revenue code, a public corporation <br /> established under RCW 35.21.660, 35.21.670, or 35.21.730, a housing authority <br /> created under RCW 35.82.030 or 35.82.300, or a housing authority meeting the <br /> definition in RCW 35.82.210(2)(a)is a general partner; or <br /> iii. Limited liability company where a nonprofit that is exempt from income tax <br /> under section 501(c)of the federal internal revenue code, a public corporation <br /> established under RCW 35.21.660, 35.21.670, or 35.21.730, a housing authority <br /> established under RCW 35.82.030 or 35.82.300, or a housing authority meeting <br /> the definition in RCW 35.82.210(2)(a)is a managing member. <br /> • <br /> 2 <br /> 7 <br />