17 ATTACHMENTS - Laserfiche WebLink

The IZO prioritizes the provision of actual affordable housing units within new developments containing fifteen (15) or more units. The specific requirements are as follows: • For multiple-family projects, at least fifteen percent (15%) of the total units shall be affordable to very low and low income households. • For single-family projects, at least twenty percent (20%) of the total units shall be affordable to very low, low, and/or moderate income households. These requirements shall apply to both ownership and rental projects. In addition, the IZO provides several alternatives for meeting the City's inclusionary requirement (as listed in Section 17.44.080 of the Ordinance): A. Off-Site Projects: Inclusionary units may be permitted to be constructed at a location within the City other than the project site. B. Land Dedication: An applicant may dedicate land to the city or a local nonprofit housing developer in place of actual construction of inclusionary units. C. Credit Transfers: In the event a project exceeds the total number of inclusionary units required in this chapter, the project owner may request inclusionazy unit credits which may be used to meet the affordable housing requirements of another project. D. Alternate Methods Of Compliance: Applicants may propose creative concepts for meeting the requirements of this chapter, in order to bring down the cost of providing inclusionary units, whether on- or off-site. E. Lower Income Housing Fee Option: In lieu of providing inclusionary units in a project, an applicant may pay the city's lower income housing fee. The use of one of these alternatives to meet the City's inclusionary requirement is subject to review and approval by the City Council. It is the role of the Housing Commission to review and provide a recommendation regarding the proposal for meeting the IZO requirement. Discussion If the approved project had 98 ttnits, the IZO, as a general principle, would require the proposed project to include 20 units affordable to very low, low, and/or',moderate income households (i.e., 20% of the total 98 units in the project= 20 units). Even though the proposed project has only 51 units, the developer of the Oak Grvve project is proposing to meet the inclusionary requirement by providing 20 affordable units off-site as indicated above, a number that is higher that actually required fora 51 unit project. As indicated in Section 17.44.070 of the attached IZO, terms for off--site development are as follows: Page - 3 -