REMARKS
Introduction of affordability requirements for large developments
0:16:56
·
52 sec
Council Member Kevin Riley introduces new affordability requirements for large developments in response to community concerns about the housing affordability crisis.
- Approximately 20% of FAR reserved for permanent affordable housing at an average of 80% AMI for developments of about 50 units or larger
- Developers can only reach full FAR if affordable units are included
- This is the first time such an affordability program has been used in low density districts
Kevin Riley
0:16:56
For both town centers and TODs, the council repeatedly heard concerns about the lack of any requirement for affordability.
0:17:03
The message from communities were clear.
0:17:05
We just don't have a housing crisis.
0:17:07
We have a housing affordability crisis.
0:17:10
The proposed modification will introduce an affordability requirement for large developments of approximately 50 units or larger with approximately 20% of FAR reserved for permanent affordable housing at an average of 80% AMI.
0:17:27
Developers will only be able to reach their full FAR if affordable units are included.
0:17:34
This modification is the first time such an affordability program has been used in the low density district.
0:17:40
The amount and level of affordability were carefully considered to be financially viable for both rental and homeownership developments.
