(a) A grant is established for the purpose of incentivizing the completion of construction of affordable rental housing units provided for in this chapter.
(b) For affordable rental housing units rented to households earning more than 60 percent of the AMI, but less than or equal to 100 percent of the AMI, the amount of the incentive shall be $11.25 per square foot of dwelling floor area contained in the building permit issued by the department of planning and permitting for the affordable rental housing project.
(c) For affordable rental housing units rented to households earning 60 percent and below of the AMI, the amount of the incentive shall be $15 per square foot of dwelling floor area contained in the building permit issued by the department of planning and permitting for the affordable rental housing project.
(d) Grants authorized under this article shall not exceed $9,000 per dwelling unit within a project eligible under subsection (b).
(e) Grants authorized under this article shall not exceed $15,000 per dwelling unit within a project eligible under subsection (c).
(f) The aggregate of grant payments made under this article shall not exceed $10,000,000.
(g) All grants payable to the owner of an eligible affordable rental housing project shall only be authorized upon issuance of a certificate of occupancy for that project.
(h) An intent to claim a grant under this article shall be submitted upon the filing of a building permit application.
(i) The intent to claim shall be made to the director of planning and permitting on a form prescribed by the director of planning and permitting. The director of planning and permitting shall forward the intent to claim and estimated amount of the grant to the director of budget and fiscal services no later than 30 days after receipt of the intent to claim.
(j) A claim for the grant shall be made by the owner of an affordable rental housing project no earlier than the date of issuance of a certificate of occupancy for the affordable rental housing project and no later than one year after the issuance of the certificate of occupancy, provided that an initial intent to claim was submitted pursuant to subsection (h).
(k) A claim for the grant shall be made to the director of planning and permitting on a form prescribed by the director of planning and permitting and must be supported by documentation establishing the number of square feet of dwelling space permitted by the building permit for the project and a copy of the certificate of occupancy for the project. The director of planning and permitting shall forward the amount determined to be paid as a grant to the director of budget and fiscal services no later than 30 days after receipt of a claim, and the director of budget and fiscal services shall pay the grant amount to the claimant no later than 30 days after receipt of the information from the director of planning and permitting.
(l) No claim for a grant payment shall be made for an affordable rental housing project with a certificate of occupancy issued after the repeal of this chapter.
(m) The director of budget and fiscal services may waive the requirements of subsection (h) for affordable rental housing projects containing one or more grant-eligible units for which a building permit application had been submitted, or a building permit was issued, prior to April 21, 2021 if the waiver is consistent with the purpose of this article and in the public interest.
(Added by Ord. 21-12)