SR 06:052 - Laserfiche WebLink

1 , Inclusionary Unit Credits which may be used to meet the affordable housing requirements of another project. Inclusionary Unit Credits are issued to and become the possession of the Project Owner and may not be transferred to another Project Owner without approval by the City Council. The number of Inclusionary Unit Credits awarded for any project is subject to approval by the City Council. .. At its meeting of September 21, 2004, the City Council approved guidelines for the review of IUC's and, as a result, staff is recommending approval of IUC's in accordance with those guidelines. This report also includes alternatives for the Council to consider. Honorable Mayor and Members of the City Council: BACKGROUND In August of 2002, the City Council approved PUD-18 for the development of 363 housing units on the Busch property by Ponderosa Homes. This PUD included the development of a 172-unit senior apartment project. As part of its Council's review of this PUD, it determined that inclusionary zoning requirernents for the entire 363-unit development could be met with 86 affordable units included in the senior apartment project. However, subsequent to this approval, the developer requested, and the Council approved, a change to the unit mix of the apartment project resulting in an additional 51 affordable units. As a result of this change to the senior apartment development, the current unit mix is as follows: Current Affordabilit. for the Gardens at Ironwood Senior Aoartments Unit Type No. Affordability Levels Projected Monthly Rent Units One Bedroom 23 50% of AMI (For one $724 oerson household) One Bedroom 46 50% of AMI $735 (Based on CDLAC Rents) One Bedroom 55 60% of AMI (For one $870 oerson household) One Bedroom 5 60% of AMI $890 (Based on CDLAC Rents) One Bedroom 21 Market $995 Two Bedroom 9 60% of AMI $993 Two Bedroom 13 Market $1,150 Total 138 Affordable Units Market Unit 34 SR:04:260 Page 2