2005-12-08 TLava Kuakini - Laserfiche WebLink

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YUEN:Well, yes. Its, and the credits apply not only to rezone property but they can be used off site within a 15 mile radius. So, but the reason that this wording is in there is to make it clear that they can earn credits if they produce housing in excess of their basic requirement. GRAHAM:And is that offer extended to all applicants for rezoning? YUEN:Yes. If the basic you know we, this, in-. In February 2005 the Council passed a changes to chapter 11, which I had worked on and the County Housing Administrator had workedon and what, and these applied partially-. These applied to some extent retrospectively to people that had an affordable housing condition on rezonings but had not developed yet and so had not satisfied the affordable housing condition. And they, our intent was also to apply them in a standard way prospectively to rezonings that come in. And this is the, the base requirement so that you dont end up with constant negotiations on a project by project basis. So, and the way that it worked it was important to change this going backwards because the policy at that time had a inloofy loophole that was very generous. Then to explain thereasonforthis,forthecreditsituationisthatwere,youknowweretryingtoencourage people to develop affordable housing. And it may be, it may be more practical to do it on one particular site and to do a project thats largely affordable housing on one site. At the same token you may have developers who simply dont, who have an affordable housing requirement but dont want to do it on their site either for the standpoint of mixing the type of units that theyre producing or the market theyre trying to produce. Or maybe they have an area thats very expensive to make units in the first place. So, then you have, we create this opportunity for a private trading mechanism where the, say the high cost market developer who has an affordable housing requirement can get together with a person who wants to create affordable housing and subsidize-, theyll in effect subsidize the affordable housing by buying credits that are generated by the affordable housing developer whose creating more than they need. And we do have, including this applicant; we do have a number of applicants that are interested in doing that kind of, doing the affordable housing part of that project in order to-. And, generating, and as a sweetener to their own projects, which often times need some financial help to be viable theyre interested in having these credits. So, what we wanted to make sure though was if somebody comes in up front and says that theyre going to do more than, than theyre requirement on site that were, that were not, and we put that in as a condition of the affordable housing ordinance. That they still get the same number of credits, as they would have if they just had an ordinary requirement. Now, in the case that, the example that I just that we started off with of they make only 50%, 50% affordable and its all at the top level at 140 percent of median level then theyre not going to earn that many credits. Theyre only doing. Theyre earning. Say its a hundred; just use a hundred to make it simpler okay. They made a-; they made 50 units at the top end of affordable. Theyre only earning 25 credits for that. They gotta earn 20 credits for their project so they only got 5 extra credits. ALAMEDA:Very good. Commissioner Graham? GRAHAM:Maybe I can keep addressing the Planning Director if its easier, whatever you think. As far as how this implements in time, the affordable housing. Lets say the affordable housing is $250,000 homes in a project where the non-affordable part is lets say EXHIBIT B 5