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Planning Commission <br />Staff Report <br />May 13, 2021 <br /> <br />4 <br /> <br />Inclusionary ordinances, such as density bonuses or fee waivers for providing affordable <br />housing. <br /> <br />For a more in depth background on the economics and policy implications of Inclusionary <br />Housing staff has attached a publication from the Lincoln Institute of Land Policy titled: <br />Inclusionary Housing, Creating and Maintaining Equitable Communities (see Attachment <br />11). The following is a brief summary of potential “Pros and Cons” of an Inclusionary <br />Housing ordinance for Louisville: <br /> <br />Pros: <br />- Provides for a mix of income types and economic diversity with neighborhoods, <br />promoting an integrated and inclusive community. <br />- In a strong housing market it can provide for new affordable units without causing <br />cost increases to market-rate units. Cost is typically absorbed in moderate <br />decreases in land costs or developer profits. <br />- Ensures that the affordable units are the same quality has market-rate units. <br />- Provides affordability when free-market mechanisms do not allow for affordability. <br />- Provides needed workforce and middle-income housing for the community. <br />Cons: <br />- Additional regulatory requirements and costs could discourage additional housing <br />development, further restricting supply. <br />- Financial and zoning incentives may be more effective in achieving affordable <br />housing. <br />- The City has little undeveloped land that is residentially zoned; thus, there is <br />limited ability to provide a significant amount of new affordable housing. <br />- Would require additional staff capacity and expertise to manage or the City would <br />need to collaborate with other cities to manage the program. <br />PUBLIC COMMENTS: <br />No public comments were received by staff. <br /> <br />STAFF RECOMMENDATION: <br />Staff recommends approval of Resolution 5, Series 2021, recommending approval of an <br />ordinance amending Title 17 of the Louisville Municipal Code to add a new Chapter <br />17.76 regarding Inclusionary Housing. <br /> <br />ATTACHMENTS: <br />1. Resolution 5, Series 2021 <br />2. Draft Ordinance <br />3. Longmont Fee in Lieu Methodology and Calculation <br />4. Boulder County Community Foundation TRENDS Report 2019-2021 <br />5. City Council Resolution No. 58, Series 2017 <br />6. Boulder County Regional Housing Partnership Regional Housing Strategy <br />7. Longmont Inclusionary Housing Ordinance