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■ Create Affordable Housing Mixed with Market Rate Housing <br />■ Minimize Public Subsidies for Affordable Housing Production <br />■ Maintain Competitive Edge on Attraction of Private Investment in <br />Housing Production <br />■ Clear, Consistent, Predictable Development Pathway <br />■ Allow for Creation of Diverse Housing Options for Socio-economically <br />Diverse Population <br />■ Provide Options to Minimize Inclusionary Housing Cost <br />■ Minimize Negative Impacts on Existing Tenants on Rehab Projects <br />CONSIDERATIONS <br />• Constrains Historic Adaptive Reuse/ Building Re -purposing <br />• Treats New and Existing Development the same while economics <br />differ <br />■ Constrains alternatives to construction of New units on -site <br />STAKEHOLDER OUTREACH <br />✓ Housing Developers and Housing Advocates <br />✓ Stakeholders Discussions: <br />■ July 8, 2015 <br />■ July 13, 2015 <br />✓ Planning Commission Meeting July 20, 2015 <br />PROPOSED MODIFICATIONS <br />• Exempt projects approved prior to date of adoption of original HOO <br />ordinance <br />• Inclusionary Units criteria: <br />• For -Sale - Moderate 15 % <br />• Rental - Low/ Very Low 10% <br />• Exempt Adaptive Reuse from HOO requirement <br />ADAPTIVE REUSE & REPURPOSING <br />PROPOSED MODIFICATIONS <br />• Residential Projects over 20 units provide Inclusionary Units on -site <br />• Provide for off -site construction of units (1 for 1) <br />• Allow rehabilitation of off -site units at 1.5 rehabilitated units in -lieu of 1 <br />newly constructed unit (1 to 1 for Target Areas) <br />■ Inclusionary Unit production 100% responsibility of developer; no City <br />or Housing Authority assistance <br />REHABILITATION TARGET AREAS <br />• Cornerstone Village <br />• Cedar -Evergreen <br />• Townsend-Raitt <br />• West Myrtle <br />PROPOSED MODIFICATIONS <br />CITY COUNCIL MINUTES 13 AUGUST 4, 2015 <br />