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(c) Project with Regulatory Agreement. A Residential Project for which a Regulatory Agreement has been approved, provided that the Regulatory Agreement is effective at the time the Residential Project would otherwise be required to comply with the requirements of this Article, and there is no uncured breach of the Regulatory Agreement before issuance of a Certificate of Occupancy for the project. This may include a Residential Project that has obtained a Density Bonus under Article XVI.I of the Santa Ana Municipal Code. Section 6. Section 41-1904 is added to Chapter 41 of the Santa Ana Municipal Code to read in full as follows: Sec. 41-1904. Alternatives (a) On site units. The primary means of complying with the inclusionary requirements of this Article shall be the provision of on-site Inclusionary Units in accordance with Section 41-1901, above. A Developer may only satisfy the requirements of this Article by means of an alternative to on-site Inclusionary Units in accordance with the requirements and procedures of this Section. (b) Off-site units. Upon application by the Developer and at the discretion of the City Council, the Developer may satisfy the Inclusionary Unit requirements for the project, in whole or in part, by constructing a mix of affordable units or substantially rehabilitating existing rental units. For purposes of providing off-site units, substantially rehabilitating means rehabilitating a dwelling unit that has substantial building and other code violations, and has been vacant for at least 90 days, such that the unit is returned to the City's housing supply as decent, safe and sanitary housing, and the cost of the work exceeds twenty-five percent of the market value of the unit after rehabilitation. The number of substantially rehabilitated units that will be required under the off-site unit provision will be determined based on a calculation of the affordability gap associated with on-site provision of the units. This affordability gap will then be translated into the number of off-site units that can be produced at a financial gap equal to the affordability gap associated with on-site provision of the units. (c) In-lieu fee. (1) 20 or fewer units. In the case of a Residential Project containing between 5 and 20 residential lots or residential units, the Developer may elect to satisfy the Inclusionary Unit requirements for the project, in whole or in part, by payment of a fee in lieu of constructing some or all of the required units. Ordinance No. NS-XXX 11 A-9 Page 9 of 17