(A) Beginning six months from the effective date of this chapter, any proposed development that (a) contains a residential component, (b) is located within Louisville Metro and (c) is not developing land that, at the time the development is proposed, is a bona fide farming operation, which seeks to utilize Metro Resources as part of the development must undergo a displacement assessment to determine if residents are at risk of displacement because of the proposed development.
(B) The displacement assessment form will be created by an accredited research department within an academic institution selected by the Office of Housing and Community Development and to be approved by Council, with an anticipated appropriation for the creation of the form of not more than $50,000. The Office of Housing and Community Development will work with the selected academic institution to create a results matrix indicating when a development would be ineligible for Metro Resources, based on the results of the assessment. Prior to the form and results matrix being used, the displacement assessment form and results matrix shall be presented to, and approved by, Council. Such a form will include, but not be limited to, the following information: the developer's name, contact information, email address, phone number, address of proposed development, estimated construction start and end dates, and must be signed by the developer.
(1) The displacement assessment shall also include information regarding (i) for rental property, the proposed rent, compared to the most recent applicable small area fair market rent, as calculated by the U.S. Cabinet of Housing and Urban Development, for the development's zip code, (ii) for non-rental property, the proposed price point, compared to the most recent applicable median assessed value for residential property, as listed by the Jefferson County Property Valuation Administrator for the specific neighborhood the development is located in. The proposed rent or price point must be deemed affordable housing, according to the housing needs of the market area in accordance with the most recent applicable Housing Needs Assessment.
(2) The information in the displacement assessment shall be submitted to, and reviewed and verified by, the Office. The displacement assessment shall contain a line for the signature of the person who reviewed and verified the displacement assessment and shall be signed by that person.
(3) Once the information in the displacement assessment has been reviewed and verified by the Office, the results will be attached to any legislation relating to the development that is the subject of the displacement assessment prior to a vote on the legislation by the Council.
(Lou. Metro Ord. No. 166-2023, approved 11-9-2023)