28.3.2 Affordable Housing For-Sale Development Use Standards and Guidelines

For-Sale housing developments containing fewer than ten (10) for-sale dwelling units that voluntarily 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 may utilize density and parking reductions and are subject to the following:

A.          The affordable units in a For-Sale Affordable Housing Development shall be sold to families earning no more than 120% of the Area Median Income (AMI).

B.             For-sale housing developments located in a Mandatory Inclusionary Zoning sub-district are not required to provide affordable housing but may opt into providing affordable for-sale units.

C.             The initial homebuyer with an income equal to or less than one hundred and twenty percent (120%) of the Area Medium Income (AMI) shall remain in the property as their primary residence for no less than five (5) years. In the event the property is sold prior to the end of the five (5) year term, the property shall be sold to an income eligible buyer.

E.        Affordable Housing Developments undertaken in phases, stages, or otherwise developed in distinct sections shall provide for the development of affordable housing units concurrently and proportionately with the market-rate units.

F.        If the number of required affordable units results in a fraction, a fraction of 0.5 or more shall be rounded up to the next higher whole number, and a fraction of less than 0.5 shall be rounded down to the next lower whole number.

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