9.9 Voluntary Inclusionary Zoning For For-Sale Properties in Historic Core Residential Neighborhoods

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 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, 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 up to 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