10.8.I Voluntary Inclusionary Zoning For For-Sale Properties in Historic Core Non-Residential Districts.

Residential properties with an affordable for-sale component may avail themselves to the provisions provided herein.

In order to incentivize the construction of for-sale housing with the inclusion of affordable dwelling units, in the Historic Core Non-Residential Districts, density bonus and parking reductions shall be granted in exchange for the voluntary provision of affordable for-sale dwelling units. Developments containing fewer than ten (10) for-sale dwelling units that set aside at least one (1) unit OR developments containing ten (10) or more for-sale dwelling units that set-aside at least ten percent (10%) of units up to 120% Area Medium Income (AMI) or less shall be awarded a maximum of thirty percent (30%) reduction in the minimum lot area per dwelling unit requirements, a thirty percent (30%) reduction in required minimum lot width requirements and a thirty percent (30%) increase in the floor area ratio (FAR). Developments that meet these requirements and are subject to the off-street parking requirements of Article 22 shall be granted a fifty percent (50%) reduction of the required parking.

Developments opting to participate in the for-sale voluntary IZ program shall be developed in accordance with Article 28.

Ord. 29566, 8-1-23, Zoning Docket 014-23