§ 9.28  LAND WRITE-DOWN FOR AFFORDABLE HOUSING ON CITY-OWNED LAND.
   For a developer proposing a development with a mix of opportunity housing affordable to households at or below 60% of AMI for multiple-family developments and moderate income up to 110% of AMI for home ownership projects, at a minimum threshold of 20%, the city may, upon a showing of demonstrated need, reduce land costs to achieve the 20% threshold to support the development reaching affordability. Any sales price reduction must be allowed by the City Charter and city code and approved by the City Council. Where a land write-down is approved, the city will require at least a 20 year deed restriction on those units identified as affordable for extremely low, very low, and low income households to ensure long-term affordability.
(Ord. 2019-16, passed 2-25-2019; Ord. 2019-30, passed 8-5-2019)