Market Rate Developers:
The City passed a Resolution No. 8491 on June 2, 2015 which requires any new residential development applications submitted after June 16, 2015 with five (5) or more units, provide five percent (5%) of very-low or low-income residential units, restrict the units to a minimum period of fifty-five (55) years; or contribute equivalent of five percent (5%) of construction value or combination thereof.
The City is in the process of preparing a Nexus Study for Commercial and Residential In-lieu fees.
Affordable Housing Developers:
The Housing Authority has some funds to help affordable housing developers produce more affordable housing. The funds will help a portion of the project, in hopes the project will leverage additional funds through Tax Credits, Cap and Trade Funding etc.