SR 06:052 - Laserfiche WebLink

Attachment 5 d. Review of the utilization of affordable housing credits for affordable units provided as part of the Busch property senior apartment project for recommendation to the City Council. Steve Bocian, Deputy City Manager, advised that the City Council had heard this item. and directed it back to the Housing Commission and the Planning Commission. He presented the staff report, and described the background of this item. He noted that the changes to the affordable housing agreement were: I. An additional fee waiver was granted; and 2. The City had agreed under the original agreement to provide a grant to the project of approximately $205,000; the grant was changed to a loan. He noted that the developer requested that those units above the 87 affordable housing units be available for credits in the following uses: 1. Any additional development on the Busch property beyond the 393 units, primarily on the school district site, the credits from the additional 51 units could apply as meeting the affordability requirements for any future residential development onsite; 2. The developer requested that those credits may be applied off site, to a yet- undetermined in the City; and 3. They could potentially transfer those credits to another developer. Mr. Bocian advised that the way the affordable housing agreement was drafted, if the credits were used on the Busch property, it would be approved. If the credits were to be used off site, it would require City Council review prior to applying the credits. The City's inc1usionary zoning ordinance requires certain levels of affordability to be built into developments, and also offered a number of alternatives that the City Council may consider: 1. The units could be built off site; 2. The developer could pay a low income housing fee; 3. The developer could provide land; or 4. The developer could perform a credit transfer. Staff recommended that the credits as contained in the inclusionary zoning ordinance gives the Council flexibility to accept or deny the credits. Regarding the Busch property, staff believed that the use of the credits is appropriate, and that the City Council had that flexibility. Staff requested the Planning Commission's feedback and recommendation to the Council regarding the applicability of the credits. Commissioner Kameny noted that the City would have 137 affordable units when the project breaks ground, instead of 87 units, which he believed was a positive development. PLANNING COMMISSION MINUTES July 9, 2003 EXCERPTS