(

a) The Legislature recognizes that real property of counties can be utilized, in accordance with a county’s best interests, to provide housing affordable to persons or families of low or moderate income. Therefore, notwithstanding any other provision of law, whenever the board of supervisors determines that any real property or interest therein owned, or to be purchased, by the county can be used to provide housing affordable to persons and families of low or moderate income, as defined by

Section of the Health and Safety Code or as defined by the United States Department of Housing and Urban Development or its successors, and that this use is in the county’s best interests, the county may sell, lease, exchange, quitclaim, convey, or otherwise dispose of the real property or interest therein at less than fair market value, or purchase an interest in the real property, to provide that affordable housing without complying with other provisions of this article. (

b) Not less than percent of the area of any parcel of property disposed of pursuant to the provisions of this

section shall be used for the development of housing. (

c) Not less than percent of the total number of those housing units developed on any parcel pursuant to this

section shall be affordable to households whose incomes are equal to or less than percent of the maximum income of lower income households, and at least half of which shall be affordable to very low income households. (

d) Dwelling units produced for persons and families of low or moderate income under this

section shall be restricted by regulatory agreement to remain continually affordable to those persons and families for the longest feasible time, but not less than years, pursuant to a method prescribed by the county. (

e) The regulatory agreement shall contain a provision making the covenants and conditions of the agreement binding upon successors in interest of the housing sponsor. The regulatory agreement shall be recorded in the office of the county recorder of the county in which the housing development is located. The regulatory agreement shall be recorded in the grantor-grantee index to the name of the property owner as grantor and to the name of the county as grantee. (

f) The

definitions of “persons and families of low and moderate income,” “lower income households,” and “very low income households” set forth in Sections 50079.5, 50093, and of the Health and Safety Code shall apply to this section.