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Shoreview Inclusionary <br />Housing Policy <br />c) NOAH dwelling units that are being demolished or converted to a use other than <br />low-income dwelling units in connection with construction of the development <br />must be replaced in the new development. New developments must include a <br />minimum number of affordable dwelling units equal to at least twenty percent <br />(20%) of the total number of dwelling units in the development and be affordable at <br />60% area median income. <br />d) The inclusionary housing requirement may be satisfied by a payment in lieu of <br />constructing units within the development. Payments will be assessed according to <br />the Fee Schedule in the city code and charged per unit of affordable housing not <br />being built — calculated at 10% of the total number of units. The fee will be paid <br />into the Shoreview Affordable Housing Trust Fund. <br />4. AFFORDABILITY LEVEL <br />The required number of affordable dwelling units within a residential project subject to <br />this policy shall meet an income eligibility and rent affordability standard for the term of <br />the restriction as follows: <br />a) Rental Projects: <br />a. At least ten percent (10%) of the units shall be affordable for households at <br />eighty percent (80%) Area Median Income (AMI), or <br />b. At least seven and a half percent (7.5%) of the units shall be affordable for <br />households at sixty percent (60%) Area Median Income (AMI), or <br />c. At least five percent (5%) of the units shall be affordable for households at fifty <br />percent (50%) Area Median Income (AMI). <br />b) Demolished or converted NOAH units: <br />a. NOAH units demolished or converted to a use other than affordable housing <br />in connection with the construction of the new development must be <br />replaced at rate and affordability level as noted in Section 3c. The new units <br />must be comparable in bedroom size to the units demolished or converted <br />and be affordable to households at 60% AMI or below. <br />c) Rent price level: <br />a. The monthly rental cost for an affordable dwelling unit shall include rent, <br />utility costs, and any other non -optional monthly occupancy charges, identical <br />to the costs incurred by market -rate renters. <br />b. Surface parking for all inclusionary units, if available, or enclosed parking for <br />inclusionary units at the 50%AMI affordability level shall also be included in <br />the monthly rent for the unit. <br />3 <br />