10-13-25-WS - Laserfiche WebLink

Home Browse Search

(4) To use the tools and incentives described in this chapter, prior to issuance of a certificate of occupancy, the developer of a qualifying development must provide the city with the record evidence of a covenant that maintains the o,000rtunity housina units as affordable rental housing to households at or below 80% of AMI for a period of no less than 20 years, and up to 25 years. (5) Use of an individual tool or incentive described in this article is prohibited if the city council determines that the resulting development has the potential to negatively impact the surrounding neighborhood and that the negative impacts outweigh the positive benefits of the opportunity units created. (6) The city council may, at its sole discretion, allow use of the incentives for developments that create or preserve less than 20 units where the city council finds it to be in the public's interest. (F) Available Affordable Housing Tools and Incentives (7) Affordable Housing Trust Fund. The city may consider awarding fundina from the Affordable Housina Trust Fund. (2) Tax Increment Financing_(TIF) or Tax Abatement. Where eli_ci� ble under applicable state laws and when consistent with the cit it's financial assistance policy, the city may, upon a showing of demonstrated need, consider the use of TIF or Tax Abatement as a way to incentivize the creation of housing developments that are consistent with the city's affordable housing policy. Q Density Bonus. A residential development within zoning districts regulating development intensity through units per acre maximums qualify for the following density bonuses for each affordable unit rovided at varvina household income levels as follows: (a) Each affordable dwelling unit affordable to households at or below 80% f AMI qualifies the overall development for one bonus dwelling unit up to a maximum 75% increase over current zoning_ (b) In no instance may density bonus units be allocated to parcels designated by the comprehensive plan for residential densities of less than five dwelling units per gross acre.