SR 06:263 - Laserfiche WebLink

move forward with a conversion to provide services to all affected tenants, get them thinking about home ownership, and provide them with resources to make those hard decisions a little bit easier. He feels it is a tough balance between the property owner's rights and the realities of living in this housing market. Ifwe leverage some of the resources that we have already invested in providing homebuyer education, we could make that decision-making process easier. He also feels that we should maintain the 120 affordability threshold at 25%. Chairperson Harris commented on the issue of a 15% versus 25% affordability threshold. He feels that we are granting a privilege to someone by allowing apartments to be removed to be replaced by ownership condominiums which will not be affordable to the same group of people. He feels that owners should have to pay some type of premium. He observed that the IZO requirement for multi-family housing is 25% (low and very low) which is 5% more than the 20% requirement for single-family housing (moderate, low, and very low). A compromise could be 20% low and very low or perhaps 25% low, very-low and moderate. Mr. Harris discussed the time line for tenant decision and asked if it is reasonable to expect tenants to be able to arrange financing within a six-month time frame. A discussion of the affordability mix and threshold took place. Commissioner Hodgett commented that she thinks that the proposed IZO amendment would allow units to be priced up to the moderate level. Ms. Hodgett commented that "affordable by design" condos are not necessarily affordable but only "less expensive." She stated that there is a need for affordable rental housing. It was moved by Vice Chairperson Hodgett to recommend approval of the revised Condominium Conversion Ordinance to the City Council per the staff recommendation with the following exceptions or clarifications: 1) add a one-year extension to the expiration approval for a total of two years; and 2) retain the current language regarding the six-month timeline for a deeision regarding unit purchase. Motion died for lack of a second. A discussion took place regarding the six-month period. It was moved by Chairperson Harris, seconded by Commissioner Jones, to recommend approval of the revised Condominium Conversion Ordinance to the City Council per the staff recommendation with the following exceptions or clarifications: 1) modify the timeline for a decision regarding unit purchase to allow the buyer a total of six months to obtain preliminary financing approval; and 2) clarify that the 25% affordability requirement can include units affordable at the moderate-income level. Commissioner Stark stated that he is concerned regarding the 25% affordability threshold Page - 6 -