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__ <br /> �O �+� <br /> 10% density bonus to residentia/ condominium projects <br /> that inc/ude at /east 20'/ of the units for moderate <br /> — income househo/ds. <br /> For example, a developer wishes to construct 40 condominiums on a one acre <br /> parcel. The developer could build an additiona/ 4 units (10% of the maximum <br /> allowable 40 uniUacre density) if he/she would dedicate 8(20% of the total) to <br /> moderate income hous�:holds. Moderate income households are those <br /> households earning 120% of the San Mateo County median income for a family <br /> of four or $109,800 per year. This translates into $2,470 affordable rent payment <br /> for a two bedroom unit. <br /> • Under the current regulations, the City has to make findings <br /> to approve density bonuses and/or density incentives. <br /> Under the new /aw, a City has to approve the density <br /> bonuses and/or density incentives un/ess it can make <br /> findings that the bonuses or incentives are not <br /> necessary to make the project financially feasib/e or that <br /> it will adverse/y afiect any historic resources. <br /> • Under the current law, the Citv must Qrant at least one of the <br /> following density incentives to affordable housing projects as <br /> long as the incentive is necessary to make the project <br /> financially feasible, and the City has the final authoritv in <br /> — deciding which density incentives to approve: <br /> a. Required off-street parking <br /> b. Required setbacks; <br /> c. Maximum building height <br /> d. Required open space <br /> e. Maximum floor-area ratio <br /> f. Minimum lot area <br /> Under the new /aw, the City must grant one of the above <br /> density incentives, in addition to the density bonus, of the <br /> applicant's choosin4 so /ong as it is necessary to make the <br /> project financially feasible. <br /> • Under the current law, when calculating a density bonus, all <br /> fractional remainders less than'/z are rounded down. Under <br /> the new law, all fractional remainders are rounded up. <br /> Based on development history, this law change will probably have little impact on <br /> Redwood City. A private developer has never formally requested a density <br /> bonus from the City under the provisions of State law. <br /> 2 <br />