(A) Affordable housing in-lieu fees are hereby established for residential development projects and mixed use projects with a residential component. The amount of said fees shall be established by Town Council Resolution, as may be amended from time to time. The amount of fees shall not exceed the cost of mitigating the impact residential development projects on the need for affordable housing in the Town of Fairfax.
(B) All such fees shall be deposited in the affordable housing fund described in § 17.140.130 herein.
(C) Payment of fees shall be due prior to the issuance of the first building permit for the project. Fees shall be calculated based on the fee schedule in effect at the time the building permit is issued, unless state law specifies that the town shall use a fee schedule in effect at an earlier date.
(Ord. 884, passed 11-1-2023)