AGENDA DATE: 2/1/2023
TITLE:
Title
Work Session on Affordable Housing Developer Incentives
BODY
SUBJECT/PROPOSAL/REQUEST: Work session to present a draft Affordable Housing Grant Program for Board discussion and feedback
ITEM TYPE: Regular Information Item
STAFF CONTACT(S): Richardson, Walker, Rosenberg, Herrick, Dimock, Pethia
PRESENTER (S): Stacy Pethia, Housing Policy Manager
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: In April 2019, the Thomas Jefferson Planning District Commission 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, 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 could be 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, 2022, the Board held a work session to discuss a proposal for an Affordable Housing Overlay. The proposed overlay, which was based on the discussions held with developers, would apply to the County's Development Areas. It included several incentives, including density bonuses, reductions in development standards, waivers or reductions in development fees, and reductions in parking standards. Based on feedback received during the work se...
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