Posted on December 29, 2016 at 3:14 PM by Lynne Martin
Purpose and Intent:
?
- Encourage the creation of housing for a variety of
- income levels not being met by the market
- ?Mitigate the impact of residential development on
- the availability and cost of housing
- ?Protect long-term affordability through deed
- restrictions
- ?Provide developer incentives for the creation of
- deed-restricted housing
Key Points
Applies to all new residential development
Except:
?
- Accessory Dwelling Units
- Single-family homes that are owner-occupied for at least 5 years
One-sixth (16.67%) affordability requirement
Two tiers of requirements for affordable/community housing contribution
? 1-5 dwelling units developed:
• payment-in-lieu of creating a partial unit
? 6 or more dwelling units developed:
• encouraged to make one-sixth of the units constructed affordable or community housing
• payment-in-lieu is also an option