Planning Commission Agenda and Packet 2021 05 13

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SUMMARY: Staff is presenting for recommendation to City Council amendments to the City’s zoning ordinance to create a new requirement for Inclusionary Housing. The proposal would require a minimum contribution to permanently affordable housing with new residential development proposals. The main elements of the proposal include the following:  Require that a minimum of 12% of all new housing in the City be deed restricted as affordable for either rental or owner occupancy based on income qualification. A minimum of half the affordable housing would be affordable to households with incomes at or below 60% of the area median income (AMI), with the remainder affordable to households with income between 60% and 80% of AMI.  The affordability requirement would be applicable to any final plat or final Planned Unit Development (PUD) that proposes new residential units. For an amended PUD that increases housing units, only the increased number of units included in the amendment would be subject to the affordability requirement. If a PUD “expires” after three years, the full number of units proposed would be subject to the requirement. A PUD is required once a proposal includes 6 or more dwelling units.  The requirements for affordable housing may be met through rental units, for sale units, or live/work units.  In addition to providing affordable housing within a specific development, the following alternative options could be used to contribute to affordable housing: o Pay a fee in lieu of providing on-site housing based on an equivalent number of units and a per square foot fee of $7.90 per square foot for for- sale housing and $1.90 per square foot for rental housing. These funds would be used by the City or another entity like Boulder County Housing Authority to develop affordable housing. The fee is based on a recent City of Longmont fee calculation, which is included as Attachment 3. The methodology provides a comparable basis for the City to set an initial fee structure, and the proposed ordinance allows the City to update the fee with Louisville specific data in the future. o Build or acquire an equivalent number of affordable units at a different off- site location. ITEM: LMCA-0358-2021 – Inclusionary Housing Code Amendment PLANNER: Rob Zuccaro, AICP, Planning and Building Safety Director APPLICANT: Staff Initiated REQUEST: Consideration of Resolution 5, Series 2021, Recommending Approval of an Ordinance Amending Title 17 of the Louisville Municipal Code to Add a New Chapter 17.76 Regarding Inclusionary Housing Planning Commission Staff Report May 13, 2021