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Discuss Affordable Housing Goals for Rental Housing Development. (Reissued from June 19, 2019)
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Staff:
Department:
Loryn Clark, Executive Director
Housing and Community
Sarah Osmer Vi?as, Assistant Director
Nate Broman-Fulks, Affordable Housing Manager
Emily Holt, Affordable Housing Development Officer
Overview: The Town Council has expressed interest in developing an equitable and predictable formula and procedure for determining payments-in-lieu for rental housing development. This item:
1. Provides an overview of the Town's historical approach to negotiating affordable housing contributions for rental housing; and,
2. Reviews benchmarking research and findings; and,
3. Proposes a framework of guiding principles and goals for affordable housing in new rental housing development going forward. The establishment of these goals could then be used as a guide to inform the development of payment-in-lieu formula options for Council consideration.
We anticipate returning to the Council in the fall of 2019 with formula options.
Recommendation(s):
That the Council review and provide direction on the intended affordable housing goals for new rental housing development.
Background:
* The Affordable Housing Policy adopted by the Council originally in 2000 and amended in 2009 states:
"It is the expectation of the Council that applicants seeking approval of rezoning applications containing a residential component will incorporate a "15% affordable" feature into their plans, and that mechanisms will be proposed to assure ongoing affordability of these so-designated dwelling units. At its discretion, the Council may accept a payment-in-lieu of all or part of the affordable housing obligation. The payment amount shall be established by Resolution."
This policy is applicable in cases where a rezoning is requested to increase residential density above what is allowed under the existing zoning for the property.
* To date, the Council has negotiated af...
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