CodeNEXT Gets Affordable

CodeNEXT's long-awaited affordability incentives were released Friday, June 16. The "Citywide Afford­able Housing Density Bonus Program," the newest chapter (23-3E-1) in the land development code rewrite, is 34 pages long and explains what, how, and where the incentives will apply. Under the proposal, developers can opt to tack on a "density bonus" to their project in order to build more than the lot base entitlement. For commercial buildings, developers can earn the bonus entitlement by paying a fee, based on the size of the bonus area, to the city's Housing Trust Fund. Residential developers will have several options: either make a percentage of the bonus units affordable (at 60% of median family income for renters, or at 80% for owners), or seek approval from the Neighborhood Housing and Community Develop­ment Department to either pay a fee (like their commercial counterparts) or build affordable units off-site. The density bonus program would apply throughout the city, except for areas zoned under the legacy code, regulating plans, and PUDs. Those will remain under their current policies and existing affordable housing requirements. The existing Downtown Density Bonus and University Neighborhood Overlay (UNO) programs will be integrated into the new LDC. According to the overview, the proposed plan could be adjusted over time to continue producing affordable housing. If adopted, these incentives would apply to 300% more land area than current density bonus programs.