AGENDA DATE: 5/4/2022
TITLE:
Title
Work Session on Affordable Housing Developer Incentives
BODY
SUBJECT/PROPOSAL/REQUEST: Work session to present options for an affordable housing developer incentives package for Board discussion and feedback.
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Hudson, Baumgartner, Dimock, Filardo, Rapp, Pethia
PRESENTER (S): Stacy Pethia, Housing Policy Manager
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: On July 7, 2021, the Board of Supervisors approved Housing Albemarle, the County's new housing policy, with delayed implementation of 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 affordable for-rent units, until a package of developer incentives to support the construction of affordable housing is approved and implemented.
Between June and October 2021, staff held four meetings with members of the developer community to discuss the components of an incentives package to support the provision of affordable dwelling units, and developers' efforts to meet the County's affordable housing goals.
On February 16, 2021, staff held a work session with the Board to discuss a proposal for an Affordable Housing Overlay (Attachment A). The proposed overlay was based on the discussions held with developers, would apply to the County's Development Areas, and included several incentives including density bonuses, reductions in development standards, waivers or reductions in development fees, and reductions in parking standards.
STRATEGIC PLAN: Quality Government Operations - Ensure County government's capacity to provide high quality service that achieves community priorities.
DISCUSSION: Staff received valuable Board feedback on the draft proposed Affordable Housing Overlay...
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