Quote:
Originally Posted by wierdaaron
I could use a good primer on the affordable housing fund. From what I can tell, downtown area residential needs to either provide affordable housing or contribute money to a fund that will help provide it. I don't remember seeing any new developments that haven't opted to contribute to the fund. I imagine things would be different if the fund contribution weren't an option.
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It's is changing. I believe it was approved at the last council meeting.
I only got time to skim the new version, but I failed to save a copy and The bookmark is broken.
But the old one went like this:
Any residential project who gets a zoning change that , increases floor area or adds residential to a site where it wasn't allowed, or a project that gets government land or government money, is required to provide 10% of its units (20% if you get both zoning and government money). This is all districts.
However, in the downtown districts you can opt for 25% of increased floor area instead 10% total units.
In the neighborhoods, you can provide the units on site or make a one time payment of $100,000 per required unit.
In downtown districts you can provide the units on site or make a one time payment equal to 80% of the local land price per buildable foot times the total extra square footage granted to your project by the zoning change.
The city supposed to keep track of market land prices, but the last list I saw was in the range of $30-$50 a buildable foot.
Just to be clear, as of right projects have no requirement to provide affordable housing, but, downtown, they may opt in for floor area bonuses.
This is changing.
As I remember from my skim, 25% of the required Aff Units must be provided on site (or nearby in downtown) and provisions were added for zoning changes used for increased density and not for FAR.