|
Target Income |
Targets resources
for families earning less than 50% of Area Median Income (AMI), or
$36,000 for a family of four.
|
Targets resources
for families earning 60 – 125% of Area Median Income (AMI). This is
$43,000 - $90,000 for a family of four |
|
Compliance options |
Developers have
three choices:
-
Build on-site (10%)
-
Build off-site (20%, building must be in same elementary school
catchment zone)
-
Put money into an in-lieu fund
o
$20,000 for each market-rate condo
o
$5,000 for each market-rate townhouse |
Developers have
two choices:
-
Build on-site (10%)
o
˝
for people making 60% of AMI
o
˝
for people making 100% of AMI
-
Put money into an in-lieu fund
o
Dollar amount is based on cost of complying with on-site option |
|
Restrictions on
uses of in-lieu fund |
Articulates
permissible uses of the fund, including:
(1)
Basic Systems Home Repair Grants;
(2)
Homelessness prevention;
(3)
Development of affordable rental units;
(4)
Development of affordable ownership units;
(5)
Acquisition of land or buildings to support affordable housing
development;
(6)
Rehabilitation of vacant housing;
(7)
Rental subsidies
(8)
Adaptive modification
Additionally, 1/3 of money must be spent in each of the following income
categories:
·
< 10% of AMI
·
11 – 30% of AMI
·
31 – 50% of AMI |
None. The money
goes into the City Treasury and the Office of Housing and Community
Development has full discretion on uses of the money. |
