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2019-08 - Amend Ord. 58-04 regarding Community Reinvestment Area
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2019-08 - Amend Ord. 58-04 regarding Community Reinvestment Area
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12/5/2019 4:09:46 PM
Creation date
12/5/2019 3:55:02 PM
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Office Of Council
Document Type
Resolutions
Number
2019-08
Date Adopted
12/2/2019
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Commercial and industrial uses are not eligible to apply for tax abatement or exemptions under <br />this resolution. For mixed -use projects, defined as those containing both residential and com- <br />mercial components, only the residential component is eligible for tax abatement as used in this <br />resolution. <br />Affordable Rental Housing Units shall be dispersed throughout the Development Project and <br />shall be comparable to the design of market rate units within the Development Project in terms of <br />appearance that include finishes and features are durable, of good quality and are consistent with <br />the then -current standards for housing. <br />No more than 50% of the units set aside as Affordable Rental Housing Units in a Development <br />Project may be efficiency units. <br />Throughout the term of an abatement, the Affordable Rental Housing Units provided in a De- <br />velopment Project may be located in different physical units over time (affordable housing <br />units may "float" through the development over time). Units designed by the Owner as afford- <br />able may be changed over time from time to time, so long as such designation remains in ac- <br />cordance with the requirements set forth herein. <br />The Director of Planning is authorized to adopt and implement reporting rules, standards and <br />processes as are necessary, to administer the affordability components of this legislation. <br />12777360 0 <br />
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