Title
Affordable Rental Housing Fee Offset Program
Presenter:
Steve Posey, Community Development Division Manager
Charae McDaniel, Chief Financial Officer
Peter Wysocki, Director, Planning & Community Development
Body
Summary:
The Affordable Rental Housing Fee Offset Program proposes to make available a fund that can be accessed to assist with development charges accrued to multi-family rental projects. Based on levels of affordability and guarantees of ongoing affordability, developers can apply for funds to help offset the cost of various development charges, including Land Use Review, the PLDO, Public Works, and Colorado Springs Utilities.
The program does not constitute a fee reduction or waiver. Each project applying for access to funds will continue to have all fees determined at current levels. The key difference lies in the method of fee payment. As an example, projects that qualify for a 40% fee offset would be able to access that amount from the fund while the developer/project sponsor would continue to be responsible for paying the 60% balance.
Applications for grant funds to offset development charges will be accepted while funding is available. Staff from the Community Development Division will evaluate projects for grant funding according to the following criteria:
Number of units affordable to households earning 50% or less of the area median income. (10 points available)
Ongoing affordability period (10 points available)
Number of units set-aside for special needs populations. (5 points available)
Alignment with City planning documents, including PlanCOS and HomeCOS. (15 points available)
Location in a high opportunity area. (5 points available)
Incorporation of CHFA green building standards and alignment with CSU energy conservation programs. (5 points available)
Funds will be provided on a first-come, first-served basis. Regardless of the number of applications reviewed and preliminarily approved, funds will only be made available...
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