(A) As an alternative to constructing affordable housing on the site of the covered development project, the City Council may approve, concurrent with the approval of the overall development, one or more of the three alternatives to constructing affordable housing set forth in this section.
(B) This section shall not be utilized unless the applicant demonstrates to the satisfaction of the City Council that the alternate means of compliance will further affordable housing opportunities in the city to an equal or greater extent than compliance with the on site requirements of this chapter.
(C) The terms and requirements for utilizing the provisions of this section shall be specifically set forth in the development agreement required pursuant to § 158.12(B) of this chapter.
(1) Cash payment in lieu of affordable housing units. A cash payment in lieu of constructing some or all of the required affordable housing units on the site of a covered development project.
(a) Amount and use of cash in lieu.
1. The per unit payment amount for cash in lieu of affordable housing units shall be set at an amount may be determined by ordinance of the City Council.
2. The per unit amount shall be based on an estimate of the cost of providing an affordable housing unit and shall be reviewed periodically by the City Council, with any increase set forth in the city’s annual fee ordinance.
3. The cash payment shall be deposited directly into an Affordable Housing Trust Fund established by the city, which shall be used for the purpose of providing financial resources to address affordable housing needs within the city by promoting, preserving and producing long-term affordable housing; providing housing-related services; or providing support for not-for-profit organizations that actively address the affordable housing needs of residents within the community.
4. The applicant shall execute all documentation relating to such payment as the City Manager (in consultation with the City Attorney) deems to be appropriate.
(b) Calculation.
1. For purposes of determining the total in lieu payment amount, the per unit amount established by the city shall be multiplied by 15% of the number of units proposed in the covered development project.
2. For purposes of this calculation, if 15% of the number of proposed units results in a fraction, the fraction shall not be rounded up or down.
3. If the cash payment is in lieu of providing one or more but not all of the required units, the calculation shall be prorated as appropriate.
(2) Dedication of land. A dedication of land of a size and location appropriate for the development of affordable housing units as determined by the City Council, which dedication shall be made to the city or, at the city’s discretion, a qualified not-for-profit housing agency.
(3) Provision of another site. The provision of an equivalent number of affordable housing units at another site within the city.
(Ord. 2005-45, passed 12-5-2005)