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<br />Planning Commission <br />Meeting Minutes <br />NOVEMBER 9, 2006 <br />Page 4 of 9 <br /> <br />Alexander stated the purchase price formula is established by the City, the units are approved on <br />a first come, first served basis, the city would process the application and the Boulder County <br />Housing Authority would train the City Staff. <br /> <br />Lipton asked what other approaches are available to the City to provide affordable housing and <br />how options for funding the program. <br /> <br />Keany stated that communities were there is rapid growth and large parcels to be developed <br />would have other options available. <br /> <br />Dalton asked if there is a requirement for the proposed candidate to work in Louisville, since this <br />is the main reason for the program. What you do anticipate the total cost for the City to operate <br />the program? How many units are currently available in Louisville? Who oversees the <br />administration of the program? <br /> <br />Keany stated there are no specific requirements to live / work in Louisville. The program is a <br />self-supporting program. There 146 affordable rental units. The rent that is paid is what supports <br />the program. <br /> <br />Loo asked if the Housing Authority had demographics of the buyers. Do they really go to <br />firefighter, teachers, police and etc? <br /> <br />Alexander stated he does not have the demographics but could get them. Also, Louisville could <br />create a work and live incentive program that bumps the application up if the person works in <br />Louisville. An occupation requirement could also be an incentive. <br /> <br />Loo asked about the foreclosure rate. <br /> <br />Alexander stated that is lower than traditional purchase rates. He also stated that every buyer is <br />required to go through a home buyer training program prior to purchasing. He is aware of only <br />one unit in Boulder, Longmont and Lafayette that is in foreclosure. <br /> <br />Lipton asked what the term "Inclusionary zoning" means. <br /> <br />Alexander stated it is a zoning that includes affordable housing regulations in existing zoning <br />regulations. <br /> <br />Lipton inquired about a density bonus. Can that be used instead of paying cash in-lieu or can it <br />be hand-in-hand? <br /> <br />Keany stated that the density bonus is only eligible if you build affordable housing on site. <br /> <br />Sheets asked for a clarification of the off-site option. <br /> <br />Keany summarized that the IZ ordinance is a work in progress. The Housing Authority is looking <br />for the Commissions comments and suggestions on how to make an Affordable Housing <br />program work in the City of Louisville. <br /> <br />Members of the Public: <br />None heard. <br /> <br />Commission Questions of Staff and Applicant: <br />No additional questions. <br /> <br />Public Hearing Closed / Commission Comments: <br />