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File #: [19-0629]    Version: 1 Name:
Type: Discussion Item Status: Filed
File created: 6/20/2019 In control: Town Council
On agenda: 6/26/2019 Final action: 6/26/2019
Title: Discuss Affordable Housing Goals for Rental Housing Development. (Reissued from June 19, 2019)
Attachments: 1. Draft Staff Presentation, 2. Housing Advisory Board Recommendation, 3. Research Overview, 4. Staff Presentation, 5. Council Questions with Staff Response


title
Discuss Affordable Housing Goals for Rental Housing Development. (Reissued from June 19, 2019)
body

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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