Planning Commission Agenda and Packet 2022 06 23

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imposing the requirements set forth herein while such examination is underway is essential to preserving the limited opportunities for affordable housing within the City; 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, the City Council adopted Ordinance 1809, Series 2021 on June 15, 2021 to enact inclusionary housing requirements; and WHEREAS, adopting the requirements set forth herein does not revise existing Comprehensive Plan policies regarding rezoning of property to allow residential development; 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 additional inclusionary housing requirements set forth herein. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. Chapter 17.76 of the Louisville Municipal Code is hereby amended as follows : Sec. 17.76.020 Inclusionary housing requirements. Because 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 that are affordable to low, moderate and middle income households. A. Development of market -rate housing on property zoned to allow residential development, or residential development approved through a Special Review Use, on or before the effective date of this ordinance shall should there ro include affordable housing, and the City Council finds that 12 percent (12%) is the reasonable proportion at this time, given eeonomie „meat,,-s an community need. Ordinance No. XXXX, Series 2022 Page 3 of 15 23