§ 20.40.060 INCENTIVES.

   A.   An applicant that meets the requirements of this chapter by providing the required affordable units may request and the city shall grant the number of incentives identified in Table 20.40.060.A below.

TABLE 20.40.060.A NUMBER OF INCENTIVES BY LEVEL OF AFFORDABILITY
Level of Affordability	Number of Affordable Units1	Number of Incentives
Extremely low-income	5% or more	4
Very low- income	At least 7%	2
	At least 10%	3
Low-income	At least 10%	2
	At least 15%	3
Moderate-income	At least 20%	2
Workforce-income	At least 30%	2
Moderate-income or lower	100% (Exclusive of a manager’s unit)	5
1of the total number of units in the residential project

 

      1.   The city may grant additional incentives at the city's discretion, if the applicant demonstrates that such additional incentive will result in identifiable and actual cost reductions or avoidance. Such request shall be considered by the Community Development Director.

   B.   An applicant for a residential project providing affordable units as required by this chapter may request the following incentives, subject to number of incentives allowed per Table 20.40.060.A:

 

TABLE 20.40.060.B TYPES OF INCENTIVES AND REVIEW AUTHORITY
Incentives	Review Authority	Special Provisions
Modification to development standards specified in this Title	Community Development Director	Such modification shall not exceed 30% of the required development standards. Each modification of a specific development standard requested under this subsection shall be counted as one incentive.
Deferral of Developer Impact Fee Payments	Community Development Director	Such deferred impact fees shall be fully paid prior to the issuance of a certificate of occupancy.
Application Assistance for public funds (i.e., tax credit, rent subsidies, bond financing, community development block grants)	Community Development Director	-
Partial waiver of required development fees	City Council	-
Reasonable alternatives	Planning Commission	City Council approval required if the requested alternative has budgetary implication to the city

 

   C.   If the residential project subject to this chapter is also utilizing State Density Bonus provisions, such project is eligible to request the number and types of incentives allowed in this chapter and by State Density Bonus provisions.

   D.   At the discretion of the City Council, the city may offer a financial incentive using funds from the Affordable Housing Trust Fund to offset affordable housing development costs. Applicants requesting financial assistance shall include a detailed analysis demonstrating economic infeasibility to develop the affordable units.

(Ord. 1242, passed 8-15-23)