ORD 2272 - Laserfiche WebLink

Ordinance No. 2272 Page 8 of 16 1. A minimum of 25 percent of inclusionary units shall have rents set at no more than 30% of 50% Area Median Income (AMI) for households with incomes up to 50% AMI (Very Low-Income Units) 2. A minimum of 25 percent of inclusionary units shall have rent set at no more than 30% of 60% AMI for households with incomes of 51% to 60% AMI (Low-Income Units) 3. No more than 50 percent of inclusionary units shall have rent set at no more than 30% of 80% AMI for households with incomes of 61% to 80% AMI (Low-Income units) C. Ownership Units. For affordable ownership units, initial sales prices shall be set at the following limits to result in a monthly mortgage payment (principal and interest) which does not exceed one-twelfth of 35% of the stated AMI, for household size per Subsection F, below: 1. 1 bedroom units to be restricted at 100% AMI 2. 2 bedroom condominium units to be restricted at 100% AMI 3. 2 bedroom townhome units/single-family units AND 3 bedroom and larger units to be restricted at 120%AMI D. Bedroom Mix. For each project, a minimum of 10% of the total inclusionary units will be three-bedroom units; a minimum of 45% of the total inclusionary units will be two-bedroom units; and the remaining inclusionary units will be studio or one-bedroom units except that no more than 10% of the units may be studios. This requirement shall not apply to age-restricted senior housing or single-family projects. E. Minimum Size. Inclusionary units may be of smaller size than the market rate units in the project, subject to the following limitations: the living area of ownership units may be up to 50% smaller than the size of the average market rate unit in the project; for rental units the living area of each unit shall be as follows: (i) a studio shall be at least 700 square feet, (ii) a one-bedroom unit shall be at least 850 square feet, (iii) a two-bedroom unit shall be at least 1,000 square feet, (iv) a three bedroom unit shall be at least 1,250 square feet, and (v) for units with more than 3 bedrooms an additional 250 square feet for each additional bedroom. F. Household Size. For the purposes of calculating affordable rental or affordable sales price of an inclusionary units, the following household size assumptions shall be used for each applicable dwelling unit types: