Submitted By: Aubrey Hale
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Adopt Ordinance 2024-6 amending Chapter 106, Article IV concerning Affordable Housing (COD22-44820)
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OCALA'S RELEVANT STRATEGIC GOALS:
Economic Hub, Quality of Place
PROOF OF PUBLICATION:
N/A
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BACKGROUND: The affordable housing ordinance includes a housing incentive fund that helps offset permit and impact fees for housing units that qualify under the definition of affordable housing. Staff proposes the following changes:
* Revising the definition of Affordability Threshold (changing from 80 percent to 120 percent concerning the median household income).
* Adding a duplex to the type of unit qualifying for the housing incentive fund and revising the number of eligible multi-family units.
* Revising the review time for applications (proposing 15 business days instead of being open-ended).
* Increasing the maximum amount of the housing incentive fund from $10,000 per unit to $20,000 per unit.
* Revising the lien period from 10 years to 20 years for new construction with a reduction of 5 percent each year until the lien is released.
* Revising the process to issue loans when funding is available.
Planning & Zoning Commission recommended approval at the Monday, December 11, 2023 meeting.
FINDINGS/CONCLUSIONS: The proposed changes support the strategic initiative to provide affordable housing opportunities and are needed to help make building affordable housing more competitive in the residential market. Staff recommends approval of these changes.
FISCAL IMPACT: Currently, the affordable housing incentive reserve account (001-099-999-554-81-99064) has a balance of $600,000 that has not been committed to ongoing projects.
PROCUREMENT REVIEW: N/A
LEGAL REVIEW: The ordinance is pending review by the City Attorney, William E. Sexton.
ALTERNATIVE:
* Approve with changes
* Deny
* Table
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