HomeMy WebLinkAboutUNION PLACE - PDP - 15-09 - CORRESPONDENCE - AFFORDABLE HOUSING MEMO. (3)Page 1 of 1
Emma McArdle - Re: Affordable Housing
From: Megan Woodman
To: McArdle, Emma
Date: 5/29/2009 2:45 PM
Subject: Re: Affordable Housing
No, I believe there were going to be issues with the project with regard to Davis Bacon wage regulations, but
I'm not 100% on that ... I can ask Heidi.
>>> Emma McArdle 5/29/2009 2:38 PM >>>
Thanks. Has Union Place tried for funds from the Competitive Process? Just curious.
Emma
>>> Megan Woodman 5/29/2009 2:24 PM >>>
Hi Michael,
This is in response to your question regarding City affordable housing requirements. In order to be
considered an affordable housing project, at least 10% of the units must be made affordable to
households earning 80% or less of Area Median Income (AMI). "Affordable" means that the eligible
household cannot pay more than 30% of their gross monthly income towards housing costs (including
utilities) to rent, or 38% of their income for home ownership (including principal and interest). For full
definitions, see Section 5.1.2 of the Land Use Code.
Once you qualify as an affordable housing project, there are development incentives available
including Priority Processing (expedited review), an Impact Fee Delay (fees delayed until certificates of
occupancy or December 1st, whichever comes first), and the Development Review Fee Waiver (fees are
waived based on the percentage of affordable units, i.e. 10% of units affordable = 10% waiver of fees).
You may also be eligible to receive funding via our Competitive Process, whereby we administer
federal and local money for the production of affordable housing. If you receive City incentives or any
funding, we require that the units remain affordable for at least 20 years.
That's the process in a nutshell. I'm not clear about the details of your project, so there may be other
incentives/funding options to explore. Feel free to contact me with any further questions or set up a
time to meet.
Thank you,
Megan
Megan Woodman, MPP
City Planner
Advance Planning
City of Fort Collins
970-221-6342
mwoodman0afcgov.com
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