PC-2004-54 - Laserfiche WebLink

EXHIBIT A Guidelines :for Inclusionary Unit Credits (IUC~s) a Set Forth in the City's Inclusionary Zoning Ordinance August 25, 2004 1. The City Council shall make the final determination regarding granting or denying lnclusionary Unit Credits (IUC's). The Council may approve or deny the application of credits based on its review of a development application. The Council may consider the following when making a determination to grant or deny IUC's. 2. The number of affordable units provided in a development must exceed the minimum number of units required by the lnclusionary Zoning Ordinance (IZO) after the granting of any IUe's , and developments whose affordable units sigoificantly exceed the minimum amount required in the IZO will be more likely to be granted IUe's. As an example, if a development includes 75 affordable units and the minimum IZO affordable unit requirement is 50 units, no more than 24 units may be awarded as IUe's. 3. The amount of financial assistance provided by the City, including fee waiver, loans, grants, participation on tax-exempt bond financing, and land dedications to support the affordable units, may be considered when evaluating requests for IUe's. Developments that minimize financial contributions from the City will be more likely to be granted IUe's. 4. The amount of funding by the Project Owner, including private bank financing, loans, land dedications, etc., may be considered when evaluating requests for IUe's. Developments providing sigoificant project funding will be more likely to be granted IUe's. 5. It is more likely IUC's will be granted when requested to be applied to a development with similar unit types. As an example, if the affordable units included in a Project Owner's Affordable Housing Agreement are for multi-family rental housing, greater weight will be given if the IUe's will be used to offset affordability requirements for similar multi-family rental housing. If a request is made to apply lUC's from an affordable rental multi-family unit to a single-family or ownership unit, a ratio of two IUC's to one single-family or one ownership unit will generally be applied. The Council may establish ratios based on its review of the project and these Guidelines. 6. Requests for IUe's should be made during the development application review process. The Council will generally not consider requests for IUe's after approval of the development's PUD and project financing. 7. IUe'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. 8. If the Project Owner requests IUe's be transferred to another project owner, the request must be made within 180 days of approval ofIUC's with the transfer/conveyance occurring within 90 days of the Council's approval. The Council will consider any monetary considerations received for the IUC's from another developer as part of its review to transfer IUe's. .