AGENDA DATE: 2/21/2024
TITLE:
Title
Housing Albemarle Developer Incentives
BODY
SUBJECT/PROPOSAL/REQUEST: Consider process and tools to provide financial incentives to developers to support affordable housing.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Wall, Dimock, Sumner, Rosenberg, Curfman, Filardo, Pethia
PRESENTER (S): Stacy Pethia, Jacob Sumner, Jodie Filardo
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: In April 2019, the Thomas Jefferson Planning District Commission (TJPDC) released the Comprehensive Regional Housing Study and Needs Analysis. The report identified the need for an additional 10,070 affordable housing units in Albemarle County by the year 2040.
On July 7, 2021, the Board of Supervisors approved Housing Albemarle, the County's new housing policy, but delayed implementation of the following elements until a package of developer incentives to support the construction of affordable housing was approved and implemented:
1) the increased percentage of affordable housing units in residential developments subject to rezonings or special use permits;
2) the increase in compliance periods for affordable housing units; and
3) the new price levels for both affordable for-sale and for-rent units.
Since 2022, the Board has considered various tools to serve as developer incentives, including an Affordable Housing Overlay (Feb. 16, 2022) and an Affordable Dwelling Unit (ADU) Program (May 4, 2022), but directed staff to continue to explore alternatives. On May 4, 2022, the Board directed staff to submit a Resolution of Intent to consider amending the Zoning Ordinance to include an Affordable Dwelling Unit (ADU) program. On May 17, 2023, the Board approved the Grants or Loans for Affordable Housing ordinance to enable grants and loans that could be granted as part of an affordable rental housing grant program.
To provide stakeholder input to the Board of Supervisors, the Board worked with ...
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