(A)
In considering an application for an affordable housing density bonus, the Board of Adjustment shall determine if the proposed density bonus shall result in:
(1) The construction of an appropriate number of single-family owner-occupied units which:
(a) Are affordable to low- and moderate-income households as defined by the guidelines of the State Housing Finance Agency; and
(b) Have appropriate resale controls to assure affordability.
(2) The construction of an appropriate number of rental units which:
(a) Are affordable to low- and moderate-income households as determined by the U.S. Department of Housing and Urban Development's fair market rents; and
(b) Have appropriate provisions to assure continued affordability.
(B) In lieu of construction of low- and moderate-income housing, the offer of payment by the applicant to the town's community development block grant fund. The payment shall be equal to 15% of the density bonus's present market value as certified by an independent certified appraiser acceptable to the town. All such payments are to be allocated only for the provision of low- and moderate-income housing units in the town.
(C) (1) An appropriate number of low- and moderate-income units shall be deemed to be 50% of the density bonus.
(2) However, this percentage may be adjusted where an overriding public benefit is demonstrated.
(Ord. passed 4-9-2013; Ord. 2021-03, passed 6-8-2021)