(A) (1) The purpose of this chapter is to promote the public health, safety and welfare by encouraging high quality housing throughout the community sufficient to meet the needs of all city residents.
(2) Throughout its history, the city has offered a diverse housing stock that permitted families of varying income levels and with various housing needs to own homes in the community.
(3) In recent years, property values have escalated to the point of discouraging a diverse housing stock.
(4) A certain percentage of residents who currently live in the city are unable to meet or maintain the household income level necessary to support home ownership and, therefore, must look to other communities for housing.
(5) Based upon the review and consideration of reports and analyses of the housing situation in the city, it is apparent that the diversity of the city’s housing stock has declined as a result of increasing property values and housing costs; that demolition of certain existing dwellings has led to a reduction in the diversity of the city’s housing stock and affordable housing opportunities, and that subsequent redevelopment has in many cases contributed to property value increases that further the difficulty of making affordable housing available in the city.
(6) With the exception of housing developed in partnership with the city and the Lake Forest Senior Cottages Foundation, the privately developed new residential housing that is being built in the city generally is not affordable to low- and moderate-income households.
(7) The city recognizes the need to provide alternative housing opportunities in order to maintain the diversity of population that has historically characterized the city.
(B) (1) While this chapter provides specific alternatives to the production of on-site affordable housing units, the intent and preference of this section is to provide permanent affordable housing units that are constructed on the site of the covered development project.
(2) Ownership and management of the units by the Lake Forest Senior Cottages Foundation, or a similarly qualified not-for-profit agency, is encouraged.
(Ord. 2005-45, passed 12-5-2005)