ORD 1818 - Laserfiche WebLink

C. Second Mortgages The City may utilize available Lower Income Housing Funds for the purpose of providing second mortgages to prospective unit owners or to subsidize the cost of a unit to establish an Affordable Rent or an Affordable Sales Price. Terms of the second mortgage or subsidy shall be stated in the Affordable Housing Agreement. The utilization of these incentives shall not be the sole source of providing the Inclusionary Units and the are intended to augment the developer' s proposal. D. Priority Processing After receiving its discretionary approvals, a Project that provides Inclusionary Units may be entitled to priority processing of building and engineering approvals subject to the approval of the City Manager. A Project eligible for priority processing shall be assigned to City engineering and/or building staff and processed in advance of all non-priority items. Section 17.44.080. Alternatives to Constructing Inclusionary Units On-Site The primary emphasis of the Inclusionary Zoning Ordinance is to achieve the inclusion of affordable housing units to be constructed in conjunction with market rate units within the same project in all new residential projects. However, the City acknowledges that it may not always be practical to require that every project satisfy its affordable housing requirement through the construction of affordable units within the project itself. Therefore, the requirements of this Chapter may be satisfied by various methods other than the construction of Inclusionary Units on the project site. Some examples of alternate methods of compliance appear below. As housing market conditions change, the City may need to allow alternatives to provide options to Applicants to further the intent of providing affordable housing with new development projects. A. Off-Site Projects Inclusionary Units required pursuant to this Chapter may be permitted to be constructed at a location within the City other than the project site. Any off-site Inclusionary Units must meet the following criteria: 1. The off-site Inclusionmy Units must be determined to be consistent with the City's goal of creating, preserving, maintaining, and protecting housing for Very Low, Low, and Moderate Income Households. 2. The off-site Inclusionary Units must not result in a significant concentration of Inclusionary Units in any one particular neighborhood. 3. The off-site lnclusionary Units shall conform to the requirements ofall applicable City Ordinances and the provisions of this Chapter. Ordinance No. 1818 Page 8