14.5 Voluntary Inclusionary Zoning for Rental Properties in the Suburban Neighborhood Non-Residential District - SB-1, S-B2, S-LB1, S-LB2, S-MU, AND S-LC

In order to incentivize the construction of multi-family rental housing with the inclusion of affordable housing units in the Suburban Neighborhoods Non-Residential Districts S-B1, S-B2, S-LB1, S-LB2, and S-LC Lake Area General Commercial District, density bonus and parking reductions shall be granted in exchange for the voluntary provision of affordable rental dwelling units. Developments containing ten (10) or more dwelling units that set aside at least five percent (5%) of units at a sixty percent (60%) Area Median Income level may be awarded a maximum of thirty percent (30%) reduction in the minimum lot area per dwelling unit requirements. Multi-family developments providing affordable housing units subject to the off-street parking requirements of Article 22, shall be granted a minimum of ten percent (10%) and up to a maximum of thirty percent (30%) reduction of the required parking.

Developments opting to participate in the voluntary IZ program shall be developed in accordance with Article 28, Section 28.3-Affordable Housing Development Use Standards and Guidelines and shall be subject to the regulatory and monitoring requirements outlined in Article 28, Section 28.8.

1.         All applications requesting a development bonus for providing affordable housing shall include an Affordable Housing Impact Statement (AHIS) with the application.  The AHIS shall provide the following information:

a.         The number of units added at the Area Medium Income Levels (AMI) at or below 80%, 50%, and 30%.

b.         The number of units removed at the Area Medium Income Levels at or below 80%, 50%, and 30%.

c.         The bedroom mix of the unit to be added or removed (1, 2, 3, 4, etc. bedrooms).

d.         The total number of units added and total number of units removed.

Sept. 9, 2015, Zoning Docket 054-15, Ord. 26,570 MCS; Ord. 27,377 MCS, §7, April 28, 2017, Zoning Docket 007-17, Ord. 28739 MCS, 7-15-21, ZD 35/21; Ord. 29566, 8-1-23, Zoning Docket 014-23