RES 04073 - Laserfiche WebLink

Resolution No. 04-073 Page Two The number of affordable units provided in a development must exceed the minimum number of units required by the Inclusionary Zoning Ordinance (IZO) after the granting of any IUC's. Developments with affordable units significantly exceeding the minimum amount required in the IZO are more likely to be granted IUC's. As an example, if a development is required to include 50 affordable units to be consistent with the IZO, it, or any combination of developments involved with the IUC's, must have at least 51 affordable units. The amount of financial assistance provided by the City, including fee waivers, loans, grants, participation with tax-exempt bond financing, or land dedications to support the affordable units may be considered when evaluating requests for IUC's. Developments that minimize financial assistance from the City are more likely to be granted IUC's. The amount of funding by the Project Owner including private bank financing, loans, land dedications etc., may be considered when evaluating requests for IUC's. Developments providing significant project funding are more likely to be granted IUC' s. It is more likely IUC's will be granted when applied to a development with similar unit types. As an example, if the affordable units are for multi- family rental housing, greater weight will be given if the IUC' s will be used to offset affordability requirements for similar multi-family rental housing. If a request is made to apply IUC's from an affordable rental multi-family unit to a single family or ownership unit, the Council may establish a ratio, such as two rental units to one single family unit or two rental units to one non-rental unit. The Council's determination of ratios will be based on its review of the development and these Guidelines. Requests for IUC' s should be made during the development application review process. The Council will generally not consider requests for IUC's after approval of the development's PUD and project financing. Go IUC's will expire five years from the date of approval or from the date that it is possible to use the credits unless further extended by the City Council. If the Project Owner requests IUC's be transferred to another project owner, the request must be made within 180 days of approval of the 1UC's. If approved, the conveyance must be made within 90 days of the approval date. The Council will consider any monetary considerations received from transferring the IUC's as part of its review.