Laserfiche WebLink
Denied on Second Reading <br />1. By agreement. At the time of final plat or final PUD, a developer <br />may enter into an agreement with the City to memorialize that the <br />developer shall develop more affordable housing than would <br />otherwise be required under this Chapter. <br />2. Certificate of credit. Provided that such housing is actually <br />developed and a certificate of occupancy issued, the City shall <br />award the developer a credit for the excess number of units <br />provided. <br />3. Exceptions. No credit shall be available for any affordable housing <br />built on land donated or sold at a significant discount, for the <br />purpose of developing affordable housing, in satisfaction of this <br />Chapter or any prior affordable housing requirements of the City; <br />or for any affordable housing receiving any City -funded or City - <br />administered assistance whether financial subsidy, tax relief or <br />other credits or incentives from the City. However, a <br />development's use of a loan from the U.S. Department of Housing <br />and Urban Development shall not disqualify its affordable housing <br />from generating a credit. <br />B. Redemption of credit. The credit may be redeemed to offset an <br />equivalent number of affordable housing units that would otherwise be required <br />under this Chapter. Such credit shall be freely transferable to any other developer, <br />but shall be transferred in a manner acceptable to the City Manager so as to <br />ensure accurate tracking of the transfer of credits by the City. A credit shall expire <br />five years after it is awarded unless, within that time, the City executes an <br />agreement with the holder of the credit to apply the credit to a specified <br />development. Before the credit expires, the City Manager may, upon request, in <br />writing, and for good cause, extend the term of the credit by one additional term <br />of two years. <br />Sec. 17.76.100 Marketing and sale of units. <br />Rules and regulations under Section 17.76.110, below, may address <br />marketing and sale of units to ensure that the community has sufficient notice of <br />available affordable housing. <br />Sec. 17.76.110 Rules and regulations. <br />The City Manager may adopt such reasonable rules and regulations as <br />may be necessary for the purpose of administering, interpreting, or enforcing the <br />provisions of this Chapter. <br />Sec. 17.76.120 Objections and appeals. <br />Ordinance No. 1839, Series 2022 <br />Page 14 of 16 <br />