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Attachment A N =v 3► ENI�% Shoreview Inclusionary Housing Policy This policy promotes high quality housing for households with a variety of income levels, ages, and sizes in order to meet the city's goal of preserving and promoting economically diverse housing options in our community. The city recognizes the need for affordable housing to households of a broad range of income levels in order to maintain a diverse population and to provide housing for those who live or work in the city. Without intervention, the trend toward rising housing prices in new developments will continue to increase. As a result, this policy is being adopted to ensure that a reasonable proportion of each new multi -family development includes units affordable to low -and -moderate income households and working families or make a payment in lieu of including affordable units. The requirements set forth in this policy further the city's housing goals and the city's comprehensive plan to create and preserve affordable housing opportunities. These requirements are intended to provide a structure for participation by both the public and private sectors in the production of affordable housing. 1. APPLICABILITY AND MINIMUM PROJECT SIZE This policy applies to any market rate multi -unit residential developments being built in Shoreview, and includes: a) New developments that create at least 20 multi -family dwelling units; or b) Substantial reconstruction or rehabilitation of an existing building that contains multi -family dwelling units that includes at least 20 dwelling -units; or c) Any change in use of all or part of an existing building from a non-residential use to a residential use that includes at least 20 dwelling -units. The development must comply with the Inclusionary Housing Policy as amended and approved by the city council as of the date the development enters into a development agreement with the city. 2. DEFINITIONS The following words and terms, when used in this chapter, have the following meanings unless the context indicates otherwise. Affordable. Housing is affordable when no more than 30% of the gross income of the household is required to pay for such housing and utility costs, fees and charges. Affordable Rents. The rent and utilities for the affordable housing units will be based on the higher of the HUD Fair Market Rents for the Metropolitan Statistical Area or, if applicable, the Multifamily Tax Subsidy Projects (MTSP) Income Limits are used to