(A) In-lieu fee. Developers of residential projects with ten or fewer units may choose to pay a fee in-lieu of providing the required affordable unit on-site.
(B) Amount of fee. The amount of the in-lieu fee shall be calculated in compliance with the Council's fee schedule.
(C) Timing of payment. The fee required by this section shall be paid before issuance of a building permit for the approved project.
(D) Basis for the fee. Fees paid to fulfill the requirements of this section shall be computed based on the number and size of the units to be constructed. Unit size shall be gross livable floor area, including private balconies, decks, and patios.
(E) Affordable Housing Trust Fund. Fees paid to fulfill the requirements of this chapter shall be placed in the city's Affordable Housing Trust Fund. The funds shall be used exclusively for projects which have a minimum of 60% of the dwelling units affordable to low- and moderate-income households, with at least 20% of the units available to low-income households. Only tax-exempt nonprofit corporations seeking to create or preserve the housing in the city shall be eligible to apply to the Council for funding. The funds may, at the discretion of the Council, be used for predevelopment costs, land or air rights acquisition, administrative costs, gap financing, or to lower the interest rate of construction loans or permanent financing. In a project that includes market-rate units, trust fund monies shall only be provided to assist in the acquisition and construction of those units affordable to low- and moderate-income households.
(Ord. 2021-03, passed 12-7-2021)