The purposes of this chapter are to:
A. Enhance the public welfare by establishing policies to provide affordable housing, meet the city's regional share of housing needs, and implement the goals and objectives of the comprehensive plan and housing element.
B. Mitigate the impacts of residential rental and nonresidential projects on the need for affordable housing by imposing a housing impact fee whereby developers of residential rental and nonresidential projects will contribute to the supply of housing for households with very low, low, and moderate incomes.
C. Increase funds available to support the preservation and production of new affordable housing in the City of Palo Alto.
D. Ensure that developers of new nonresidential square footage provide funding to mitigate the impacts of new employment on the demand for affordable housing.
E. Ensure that developers of new market-rate rental housing provide funding to mitigate the impacts of new residents on local employment and the resultant increased demand for affordable housing.
F. To create incentives for developers to build new affordable units on- or off-site instead of paying impact fees or in lieu fees.
G. To provide affordable housing that serves qualifying Palo Alto residents and those who work in the city.
(Ord. 5408 § 3 (part), 2017)