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Planning Commission <br />Staff Report <br />May 13, 2021 <br /> <br />2 <br /> <br />o Dedicate land to the city in lieu of providing the affordable housing. This <br />could be combined with fee in lieu and must be of equivalent or greater <br />value to the total fee in lieu contribution requirement. <br />o Enter into an alternative agreement that provides an equivalent or greater <br />contribution to affordable housing if necessary to prevent an unlawful <br />taking of property without just compensation. <br /> The City would be responsible for managing the program, including income <br />qualifications and appropriate deed restrictions, but could enter into agreements <br />with other local governments or the housing authority to manage the program. <br /> <br />DISCUSSION: <br />The 2021 City Council work plan includes consideration of the adoption of an <br />Inclusionary Housing ordinance as a first phase of reviewing affordable housing policies <br />in 2021, with the second phase being a broader discussion of other affordable housing <br />tools or policies the City could consider. <br /> <br />Housing affordability is a growing issue in Boulder County. According to the Boulder <br />County Community Foundation TRENDS Report 2019-2021 (see pp. 49-59, Attachment <br />4), employment has outpaced new housing development with 3.5 jobs added for each <br />new housing unit between 2007 and 2017 resulting in a housing shortage that <br />contributes to increase housing costs. Home sales price continues to increase in all <br />parts of the County. <br /> <br /> <br /> <br />In 2018, the City Council adopted Resolution No. 58, Series 2017 (Attachment 5), <br />endorsing the Boulder County Regional Housing Partnership Regional Housing Strategy <br />(Attachment 6), which recommends a goal of ensuring twelve percent (12%) of the <br />housing inventory will be permanently affordable to low-, moderate-, and middle-income <br />households by 2035. The Strategy recommends a regional approach to providing <br />affordable housing and suggests each local jurisdiction explore regulations and <br />incentives appropriate for their community. The Strategy also recognizes that pushing <br />affordable housing outside the County increases transportation costs for those <br />commuting in and out of our region adding to the overall cost of living.