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HomeMy WebLinkAbout1996-075-07/02/1996-ADMINISTRATIVE REGULATIONS AFFORDABLE HOUSING AMENDING CAPITAL IMPROVEMENT EXPANSION FEES REBATE RESOLUTION 96-75 OF THE COUNCIL OF THE CITY OF FORT COLLINS AMENDING CERTAIN ADMINISTRATIVE REGULATIONS TO ALLOW FOR THE REBATE OF CAPITAL IMPROVEMENT EXPANSION FEES FOR AFFORDABLE HOUSING WHEREAS, on May 21, 1996, the Council of the City of Fort Collins adopted Ordinance No. 51, 1996, enacting certain capital improvement expansion fees to be paid by the developers of real property in the City upon the issuance of building permits, as defined in said Ordinance; and WHEREAS, on May 17, 1994,the City Council had previously adopted Ordinance No. 66, 1994,adding Section 29-631 to the City Code and authorizing a delay in the collection of certain city development impact fees for affordable housing, so that the payment of such fees may be deferred until a certificate of occupancy is issued for the affordable dwelling units; and WHEREAS, on October 4, 1994,the Council had also adopted Ordinance No. 145, 1994, adding Article IX to Chapter 5 of the City Code and thereby establishing a procedure to allow for the rebate of impact fees, as defined in said Ordinance, for affordable housing; and WHEREAS,the recently adopted capital improvement expansion fees are impact fees; and WHEREAS,the provision of affordable housing serves an important public purpose,and the increased amount of fees payable under Ordinance No. 51, 1996, could restrict the supply of available housing for City residents; and WHEREAS, pursuant to the authority granted in Section 5-356 of the City Code,the City Manager is authorized to develop administrative regulations,to be approved by the City Council by resolution, identifying the particular impact fees that are to be available for rebate and specifying the procedure for such rebates; and WHEREAS, on October 4, 1994, the City Council adopted Resolution 94-167 approving such administrative regulations for the rebate of impact fees for affordable housing; and WHEREAS,City staff and the City's Affordable Housing Board have recommended that the amount of rebate available through the rebate program be increased to reflect the increase in fees caused by the adoption of the capital improvement expansion fees; and WHEREAS,the definition of affordable housing units in Section 5-357 is different than the definition of said term as contained in the administrative regulations approved under Resolution 94- 167 and different from the definition of an affordable housing project as contained in Section 26- 631; and WHEREAS, the City Council believes that it would be in the best interest of the City and consistent with existing City policy to: (1) add the capital improvement expansion fees to the list of impact fees that are subject to the Affordable Housing Rebate Program as described in the administrative regulations previously approved by the Council, (2)increase accordingly the amount of rebate available to affordable housing projects; and (3) and reconcile all of the foregoing definitions of affordable housing units and affordable housing projects. NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, as follows: Section 1. That Exhibit "A" to Resolution 94-167 is hereby amended in the following respects: a. Section I, Background and Purpose, shall read in its entirety as follows: The Development Impact Fee Rebate Program exists for the purpose of stimulating the private,public and non-profit development of affordable housing. This document outlines the provisions and processes by which applicants can request a partial rebate of development impact fees paid for affordable housing. For the purpose of this program, affordable housing shall mean: "(1) dwelling units which are available for rent on terms that would be affordable to individuals earning sixty (60)percent or less of the median income of City residents, as adjusted for family size, or(2)dwelling units which are available for purchase on terms that would be affordable to individuals earning eighty (80)percent or less of the median income of City residents,as adjusted for family size and paying less than (38)percent of their gross income for housing, including utilities, principal, interest, taxes and insurance". b. Section III.C., pertaining to Eligible Fees, shall be amended so as to read in its entirety as follows: Fees eligible for rebate are limited to the following: Water Plant Investment Fee Water Rights Acquisition Fee Sewer Plant Investment fee Street Oversizing Fee Storm Drainage Fee Parkland Fee Community Parkland Capital Improvement Expansion Fee Library Capital Improvement Expansion Fee General Government Capital Improvement Expansion Fee Police Capital Improvement Expansion Fee Fire Capital Improvement Expansion Fee C. Section IV.D., pertaining to Program Requirements for Rental Projects, shall be amended so as to read in its entirety as follows: D. For rental projects: (1) Rental units eligible for the rebate program shall be defined as "dwelling units which are available for rent on terms that would be affordable to individuals earning sixty percent(60%) or less of the median income of City residents, as adjusted for family size." Rent restriction. For a unit to qualify as an affordable housing unit, gross rent per month may not exceed the following rent schedule. Said rent schedule shall be determined by the Director of Planning upon receipt of the annual establishment by HUD of the Area Median Income for Fort Collins. GROSS RENTS BY PERCENTAGE OF AREA MEDIAN INCOME (This tabulation is established annually by the Director of Planning based upon the Area Median Income established by HUD.) Maximum 30% 35% 40% 45% 50% 55% 60% Rebate per Unit $5120 $4390 $3660 $2920 $2190 $1460 $730 d. Section IV.E., pertaining to Program Requirements for Homeownership Projects, shall be amended so as to read in its entirety as follows: E. For homeownership projects: (1) Ownership units eligible for the program shall be defined as"dwelling units which are available for purchase on terms that would be affordable to individuals earning eighty percent (80%) or less of the median income of City residents, as adjusted for family size and paying less than thirty-eight percent(38%)of their gross income for housing,including utilities,principal, interest, taxes and insurance." All units designated as"affordable" must become the principal residence of an owner whose family qualifies as a low-income family (80% or less of Area Median Income) at the time of purchase. The percentage of Area Median Income tabulation shall be established by the Director of Planning annually upon the receipt of the Area Median Income for Fort Collins from HUD. PERCENTAGE OF AREA MEDIAN INCOME (This tabulation is established annually by the Director of Planning based upon the Area Median Income established by HUD.) Maximum 30% 40% 50% 60% 70% 80% Rebate per Unit $5120 $3660 $2920 $2190 $1460 $730 Passed and adopted at a regular meeting of the Council' , City of F oll n held this 2nd day of July, A.D. 1996. ayor TTEST- City Clerk