BIL 226 Draft 01 2010-2012 - Laserfiche WebLink

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(b) The affordable unit or finished lot shall be completed with road access, drainage, water, electricity, sewer lines, if required, and telephone, and, in the case of finished lots, shall not have unusual site conditions that make it difficult to build a home. (c) Affordable housing credits. The developer shall earn affordable housing credits as follows: (1) Sale of completed dwelling units affordable to qualified households earning 120-140% of median: 0.5 credit per unit; (2) Sale of completed dwelling units affordable to qualified households earning 100-120% of median: 1.0 credit per unit; (3) Sale of completed dwelling units affordable to qualified households earning 80-100% of median: 1.5 credits per unit; (4) Sale of completed dwelling units affordable to qualified households earning less than 80% of median: 2.0 credits per unit; (5) Construction and rental of rental units affordable to qualified households earning 100- 120% of median: 0.5 credit per unit; (6) Construction and rental of rental units affordable to qualified households earning 80- 100% of median: 1.0 credit per unit; (7) Construction and rental of rental units affordable to qualified households earning 60- 80% of median: 1.5 credits per unit; (8) Construction and rental of rental units affordable to qualified households earning less than 60% of median: 2.0 credits per unit; (9) Sale of finished lots affordable to qualified households earning no more than 100% of median: 0.5 credit per lot; (10) Sale of finished lots affordable to qualified households earning no more than 80% of median: 1.0 credit per lot; (11) Conveyance of land to a nonprofit corporation or governmental agency for construction of for-sale housing units affordable for qualified households earning no more than 80% of the median, or construction of for-rent housing units affordable for qualified households earning no more than 60% of the median, subject to the approval of the administrator of the feasibility, location, and type of project. After the approval of the administrator, the credits are earned upon the conveyance of the land: 1.0 credit per unit; (12) A developer shall ensure that each affordable housing unit for which credit was earned or awarded shall comply with resale restrictions established by section 11-14. (d) Affordable housing percentage requirements. (1) If the developer will satisfy its affordable housing requirements by constructing completed dwelling units for sale or rental, the affordable prices at which the units are sold shall be such that: (A) A minimum of 20% of the required affordable housing credits are earned at a 1 or greater credit per unit level; (B) A minimum of 30% of the required affordable housing credits are earned at a 1.5 or greater credit per unit level; and (C) A minimum of 40% of the required affordable housing credits are earned at the 2 per unit credit level. (2) If the developer will satisfy its affordable housing requirements by offering finished lots, the lots shall be sold at a range of affordable prices, such that: 2