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the Town's affordable housing plan, as amended. <br /> 412.4.4 Agreement. No building permit shall be issued for any project utilizing 412.4 until an <br /> agreement specifying, among other items, the fee and fee payment schedule, has been <br /> approved by the Trust, and fully executed by the Town and the developer/property owner. <br /> 412.4.5 Calculation of cash payment. For each affordable unit not provided within the locus of <br /> the development, the fee shall be the greater amount of the following: <br /> 1. 125% of the current Median Income (MI) for the Metropolitan Statistical Area (MSA) <br /> which includes Yarmouth as determined by the U.S. Department of Housing and Urban <br /> Development on an annual basis; <br /> 2. $100,000. <br /> 412.4.6 Fee payment schedule. Payment of fees in lieu of affordable housing to the Trust <br /> shall be made according to the same schedule found in Section 412.1.9 Paragraph 5, that is, <br /> the fee in lieu payment shall be made upon the issuance for every third out of four Certificates <br /> of Occupancy by the Building Commissioner. <br /> 412.5 Affordable Lots. <br /> 412.5.1 Purpose: The purpose of this bylaw is to increase the supply of housing that is <br /> available and permanently affordable to low or moderate income households by allowing <br /> affordable dwelling units to be build on non-complying lots, provided the lots meet the criteria <br /> listed herein. <br /> It is intended that the affordable housing units created under this bylaw qualify as low or <br /> moderate income units for purposes of M.G.L. ch. 40B sec. 20-23 and shall be in compliance <br /> with 760 CMR 56.00 the Local Initiative Program (LIP) and meet the guidelines and standards <br /> promulgated thereunder by the Department of Housing and Community Development (DHCD) <br /> for inclusion in the DHCD Ch 40B Subsidized Housing Inventory as Local Action Units. <br /> 412.5.2 Applicability. This bylaw applies to lots of record as of January 1, 2009 which do not <br /> meet the zoning requirements for a buildable lot. Any increase in tax assessment for an <br /> applicable lot shall only occur upon an issuance of a building permit for an affordable single- <br /> family dwelling on that applicable lot. <br /> 412.5.3 The Building Commissioner may allow construction of a single family home, to be <br /> restricted as an affordable homeownership or rental dwelling unit in perpetuity or the maximum <br /> time period allowed by law, on an eligible parcel of land that meets the following criteria: <br /> 1. Each lot is within a residential zoning district; <br /> 2. Each lot is vacant of any residential dwelling; <br /> 3. Each lot contains at least 10,000 square feet of upland area; <br /> 4. Each lot satisfies applicable Board of Health requirements; <br /> 99 <br />