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3/11/2025 <br />5 <br />4. Affordable Housing Approach <br />•100 clustered multi-family <br />apartments (=16.7% of market- <br />rate units) <br />•Likely to be <br />multi-family, 60% AMI and <br />below rental units <br />•2/28 Meeting: City Council <br />indicated support for partial fee <br />mitigation <br />4. Affordable Housing Approach (Ctd.) <br />Inclusionary Zoning Ordinance: <br />•Requires 15% Affordable (89 affordable units) <br />•Strong preference for on-site, with payment of fee as “least preferred” option <br />•If fees paid for all units: ~$52.7 Million <br />•Favors dispersal of units, with exception for tax-credit financed multi-family <br />•Allows for affordable for-sale (up to 120% AMI), or rental (50% and 60% AMI) <br />•Threshold viability for multi-family project: approx. 70 units <br />Staff Recommendation: <br />City Council should provide input on: <br />•Clustered multi-family rental vs. distributed for-sale (or a mix)? <br />•All units on site vs. partial “fee out” (and if so, what proportion) <br />9 <br />10 <br />Page 343 of 348