Reso25 16296 - Laserfiche WebLink

Browse Search

9 22206 920 Shasta Affordable Housing Plan and Density Bonus Request November 5, 2024 writing for rental to a third party for a limited period of time. The Project would comply with this requirement and would be amenable to City imposition of a condition of approval requiring principal residency for tenants. Section 29.6F requires the affordable project to comply with Local Preference, so long as it complies with Fair Housing law and is allowed by the secured public funding sources, the Developer will comply with this requirement. Finding 2. The affordable units will mitigate the impact of the project on the need for affordable housing if the units are being provided under the Affordable Housing Impact Fee program. As noted earlier, the 920 Shasta project will provide 100 affordable units and the 901 El Camino Real project off-site in lieu requirement would be 31 affordable units. Section 29.7.D Compliance The Project meets the requirements of Section 29.7.D. Approval of Off-Site Affordable Housing Units since the City would be able to make the two listed findings above that are found in City Code Section 29.7C, and that the Project meets all of the following conditions: •Financing or a viable financing plan, which may include public funding sources, is in place for the proposed affordable housing units. The anticipated financing plan for the Affordable Housing includes four percent low-income housing tax credits and tax-exempt bond financing combined with the state’s Affordable Housing and Sustainable Communities (“AHSC”) program, State tax credits, a conventional permanent mortgage, and a land donation and gap financing from the developer of the proposed commercial project at 901 El Camino Real. •The proposed location is suitable for the proposed affordable housing, is consistent with the Housing Element, general plan, and zoning, and will not cause residential segregation; and The proposed location is suitable for the proposed affordable housing. To this end, the City’s recently adopted Housing Element identifies this site as providing 100 dwelling units of affordable housing, and the Project is consistent with the density assumption for the site. Please note that under Government Code Section 65583.2(a) the site inventory included in the recently adopted Housing Element was to identify “land suitable for residential development…” “… that can be developed for housing within the planning period.” The inventory included in the adopted Housing Element includes “… land suitable and available for residential development, including vacant sites and sites having realistic and demonstrated potential for redevelopment during the planning period to meet the locality’s housing need…” Government Code Section 65583(a)(3). Please note that the Housing Element was required by law to include a statement of the City’s goals, quantified objectives, and policies relative to affirmatively furthering fair housing. See Government Code Section 65583(b)(1). Given that the City identified 100 dwelling units on this site and the must affirmatively further fair housing pursuant to Government Code Section 65583(a)(3), and that there would be no residential ATTY/RESO.0029/CC RESO APPROVING ARCHITECTUAL PERMIT, TENTATIVE PARCEL MAP (920 SHASTA) – EXHIBIT B REV: 04-22-25 VR Page 9 of 29