Planning Commission Agenda and Packet 2021 05 13

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Ordinance No. XXX, Series 2020 Page 3 of 15 WHEREAS, it is the express intention of the City Council to provide a choice of options to the property owner or land developer and create one or more alternatives to the construction of new affordable housing units on the building site, as set forth in House Bill 21-1117; and WHEREAS, the provisions set forth herein are necessary to provide continuing housing opportunities for very low-, low- and moderate-income households and to help maintain a diverse housing stock that allows people to have better access to jobs and upgrade their economic status; and WHEREAS, because remaining land appropriate for residential development within the City is limited, it is essential that a reasonable proportion of such land be developed into housing units affordable to low-, moderate-, and middle-income residents and working people, particularly since new housing, in the absence of interventions, tends to be large and expensive, which both reduces opportunities for more affordable housing and contributes to a general rise in prices for all housing in the community, thus exacerbating the scarcity of affordable housing within the City; and WHEREAS, based on the foregoing findings, and in furtherance of the public health, safety, and welfare of the community, the City Council desires to adopt the inclusionary housing requirements set forth herein. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. Title 17 of the Louisville Municipal Code is hereby amended by the addition of a new Chapter 17.76 to read as follows: TITLE 17 -- ZONING Chapter 17.76 Inclusionary Housing Sec. 17.76.010 Findings, purpose, and authority. A. The regional trend toward increasing housing prices will, without intervention, result in inadequate supplies of affordable housing in Louisville for low, moderate, and middle income households. This trend has a negative effect on the ability of local employers to maintain an adequate workforce, adversely impacting the economy of the City. B. The primary objective of this Chapter is to increase the number of permanently affordable units available within the City. Consistent with state law, provisions of this Chapter provide for various approaches to creating additional affordable housing units. Those provisions recognize the fact that individual site,