City Council Minutes 2021 08 24 - Laserfiche WebLink

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City Council Meeting Minutes August 24, 2021 Page 6 of 10 DISCUSSION/DIRECTION — AFFORDABLE HOUSING OPTIONS Deputy City Manager Davis stated that this is a part of the 2021 Work Plan. Council already approved an inclusionary zoning ordinance earlier this year. Tonight will be a discussion of other options and tools that Council may want to consider. Senior Planner Ritchie stated the City endorsed the Boulder County Regional Housing Partnership Regional Housing Strategy in 2018. That set a goal of 12% permanently affordable housing county -wide by 2035; it could be a mix of new housing or preserving/acquiring existing housing stock. Ritchie stated the median house price in Louisville has increased 25% since 2018. She reviewed the county -wide income levels used to define affordable housing and the gap between income levels and housing costs. She noted the Comprehensive Plan has a principal to have a mix of housing types in town for residents of all income levels. Based on 2019 census numbers, to be at 12% affordable housing the City would need approximately 1000 units. Currently there are 273 affordable, deed -restricted units. Even if all of the remaining residential areas were built out with 12% affordable housing the City would still be approximately 730 units shy of the goal. She reviewed the factors influencing affordability including low inventory for sale, lack of new supply and the jobs/housing imbalance. Planner Ritchie noted many communities undergo a housing study prior to developing an affordable housing program. She noted recent fiscal studies show that compared to a few years ago we see a higher sales tax generation from residential due to online sales. From a sustainability perspective more local housing for employees can contribute to lowering greenhouse gas emissions and cities with higher densities have a lower carbon foot print per capita. She reviewed a variety of tools the Council could consider to increase the supply of housing including allowing accessory dwelling units by zone district and the elimination of single-family zoning as a use by right. This doesn't eliminate single-family, but adds duplexes, tri-plexes or other smaller scale multi -family structures in single family neighborhoods. Council could consider removing some barriers such as revising or removing the Special Review Use approval for residential in some areas of the city; identify additional locations for more density; and identify additional locations to add residential zoning. This could be addressed in the upcoming Comprehensive Plan process. Council could consider incentives such as density bonuses or design waivers; waive or reduce fees; and expediting permitting to encourage more affordable housing. Additionally, Council could consider generating revenue to pay for new housing including new fees or taxes.