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City Council Meeting Minutes June 15, 2021 Page 3 of 9 REGULAR BUSINESS ORDINANCE NO. 1809, SERIES 2021 — AN ORDINANCE AMENDING TITLE 17 OF THE LOUISVILLE MUNICIPAL CODE TO ADD A NEW CHAPTER 17.76 REGARDING INCLUSIONARY ZONING — 2ND READING —PUBLIC HEARING (advertised Daily Camera 5/23/21) Mayor Stolzmann introduced the item and asked for any disclosures; seeing none she opened the public hearing. Director Zuccaro gave the staff presentation noting all public notice was met and some minor changes to the text of the ordinance was presented to Council this evening. This ordinance is a part of Council's Work Plan item to find ways to address affordable housing in town. Later this summer staff will bring additional items for Council consideration on this topic. In 2018, the City endorsed the Boulder County Regional Housing Partnership Regional Housing Strategy with its goal of 12% Housing Permanently Affordable County -Wide by 2035. Cities would hope to attain this from a mix of new housing and preserving and acquiring existing housing stock. This ordinance is one way to help meet that goal. Affordable housing is generally defined to be paying no more than 1/3 of income for housing. Some factors influencing affordable housing include low inventory, the new employment to housing ratio, and the cost of transportation. The proposed ordinance would require a minimum 12% affordable homes in new developments and that at least half of the affordable units go to households below 60% AMI and the remainder of to those that are 60% to 80% AMI. This would apply to new housing development through the plat and PUD process. It may include rental or for sale units. Alternatives to meeting this requirement include paying a fee in lieu, off -site acquisition or development, land dedications, or an alternate agreement. The City would administer the program or could partner with others to do so. Director Zuccaro reviewed the pros and cons of the ordinance. Pros: it promotes a mix of housing and income types to promote an integrated and inclusive community; in a strong housing market does not cause an increase to market rate units; it ensures equal quality of housing for affordable and market rate units; and provides needed workforce and middle -income housing for the community. Cons: it places additional regulations on developers and could discourage additional housing development further restricting the supply; financial incentives could be more effective in achieving affordable housing; the City has limited undeveloped, residentially zoned property; thus, there is a limited ability to build new affordable housing; and it requires additional staff capacity and expertise to manage the program. Staff recommends approval of the ordinance with the changes presented tonight.