A. Where the developer and owner of a low and moderate income senior citizens housing project is a charitable; nonprofit organization recognized as such by the United States Internal Revenue Service and the State of California Franchise Tax Board, the dedication of land or payment of fees required by this chapter shall not apply.

B. Where a developer or subdivider provides; or agrees to provide housing for low and/or moderate income persons by dedication of dwellings to the city or to a legal entity operating such housing and approved by the city council; the dedication of land or payment of fees required by this chapter shall not apply to the units so dedicated.