Ordinance 2021-1809 - Laserfiche WebLink

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more qualified applicants of the appropriate household size request housing in an affordable unit than there are affordable units available, the City Manager shall give priority to applicants who prove their residency or employment within Louisville to the satisfaction of the City Manager. If applicants are equally so prioritized, the City Manager may select among the applicants by lottery. Sec. 17.76.080 Restriction on rental of for -sale units. No owner of a for -sale affordable unit may fail to continuously occupy the unit as a primary residence, or lease or rent out the unit to any person. The City Manager may grant an exception to this restriction if the owner proves to the satisfaction of the City Manager that the lease or rental is directly necessitated by a bona fide hardship, the property has no outstanding down payment assistance loan from the City, and the lessee or renter will be a person approved by the City Manager as meeting the qualifications of a purchaser of an affordable unit under Section 17.76.070. The owner must notify the City Manager at least 90 days prior to leasing or renting out the unit, to give the City Manager adequate time to consider the proposed exception. Sec. 17.76.090 Credits for excess affordable housing. A. Award of credit. By agreement. At the time of final plat or final PUD, a developer may enter into an agreement with the City to memorialize that the developer shall develop more affordable housing than would otherwise be required under this Chapter. 2. Certificate of credit. Provided that such housing is actually developed and a certificate of occupancy issued, the City shall award the developer a credit for the excess number of units provided. 3. Exceptions. No credit shall be available for any affordable housing built on land donated or sold at a significant discount, for the purpose of developing affordable housing, in satisfaction of this Chapter or any prior affordable housing requirements of the City; or for any affordable housing receiving any City -funded or City - administered assistance whether financial subsidy, tax relief or other credits or incentives from the City. However, a development's use of a loan from the U.S. Department of Housing and Urban Development shall not disqualify its affordable housing from generating a credit. B. Redemption of credit. The credit may be redeemed to offset an equivalent number of affordable housing units that would otherwise be required Ordinance No. 1809, Series 2021 Page 12 of 15