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HOUSING RESOURCES <br />and finance loans. Policy HE -2.8 of the Framework directs the City to maximize <br />affordable housing on Authority -owned properties that is high quality, <br />sustainable, and available to various income levels. <br />Development with an Industrial Overlay in the TZC area is subject to the City's <br />Housing Opportunity Ordinance. This ordinance requires that at least 15 percent <br />of the units in an eligible ownership pro) ect be set aside as affordable to moderate <br />income households for at least 45 years. For eligible rental projects, at least 15 <br />percent must be affordable to very low or lower income households for at least 55 <br />years. <br />Per Program 28, the City will revise its current density bonus ordinance to reflect <br />recent changes in state law. The density bonus could range from 20 to 35 percent, <br />depending on the amount by which the percentage of affordable housing <br />committed to be provided exceeds the minimum percentage established in state <br />law. Eligible projects may receive one to three regulatory concessions or other <br />development incentives, depending on the proportion of affordable units and level <br />of income targeting. Finally, the developments could qualify as categorically <br />exempt under Section 15332 of CEQA, expediting development processing time <br />and reducing entitlement costs. <br />Summary Assessment <br />In total, the projects developed in the area covered by the TZC have access to <br />incentives to facilitate residential development, including affordable housing, <br />within the housing element planning period. Given the TZC's potential to <br />support up to 4,075 units (including 1,176 units identified in Table C -7) and <br />current interest from the development community, it is reasonable to assume that <br />at least 500 units of new housing at densities around 20 to 30 units per acre could <br />be built in the City's central urban core within the planning period. The <br />combination of the code's flexible development standards, streamlined permitting <br />process and by -right development, intense urban vision, recent development <br />interest, and continued development interest make sites within the TZC likely <br />candidates for residential development within the planning period. <br />JAA <br />C -38 CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT <br />