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ORDINANCE NO. <br />ZONING ORDINANCE AMENDMENT FOR BMP PROGRAM <br />THE TOWN COUNCIL OF THE TOWN OF LOS GATOS ORDAINS: <br />SECTION 1. <br />Chapter 3.90 is added to the Town of Los Gatos Zoning <br />Ordinance to read: <br />Chapter 3.90 Ho using Assistanc P rograms <br />Section 3.90.010: Intent <br />This Chapter 3.90 is adopted to meet housing <br />needs shown in the Housing Element of the General <br />Plan. <br />Section 3.90.100: Be low Market Price Program <br />Sections 3.90.100 through 3.90.135 establish <br />the below market price program. <br />Section 3.90.105 Intent <br />The below market price (BMP) program requires <br />construction of dwellings that persons and families <br />of moderate income can afford to buy, and assures <br />to the extent possible that the resale prices of <br />those dwellings, and rents if they are rented, will <br />be within the means of persons and families of <br />moderate income. <br />Section_ 3.90.110 Applica <br />Sections 3.90.100 through 3.90.135 apply to all <br />residential condominium projects (Section 2.00.140) <br />and to all residential planned development projects <br />(Chapter 4.82) either approved after July 4, 1979 or <br />whose approval includes a condition requiring <br />construction of BMP dwellings. Projects in the <br />5 -30 -79 <br />P WH /j <br />