Number
170938
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. BAUMAN, MURPHY, HAMILTON, STAMPER, JOHNSON, RAINEY, PEREZ AND KOVAC
Title
A substitute ordinance relating to the provision of affordable housing units in conjunction with certain types of residential development.
Sections
316-7-1-a am
355-1 rc
355-3 am
355-5-3 am
355-5-4 am
355-12 cr
355-18 cr
Analysis
This ordinance provides that whenever the city provides direct financial assistance to any developer in connection with the development of a housing development in the greater downtown area, the developer shall be required to establish not less than 20% of the housing units in the housing development as affordable housing or pay an in-lieu fee of $125,000 per required affordable unit.
For purposes of this ordinance, “greater downtown area” is defined as: beginning at the intersection of Interstate 43 and West McKinley Avenue, West McKinley Avenue, the Milwaukee River, East North Avenue and East North Avenue extended, Lake Michigan, the Milwaukee River, the Kinnickinnic River, East and West Greenfield Avenue, and Interstate 43 to the point of beginning.
The in-lieu fees collected under this ordinance shall be deposited in the city’s housing trust fund. The in-lieu fee shall be annually adjusted by the city clerk based on changes in the consumer price index.
Every affordable unit required by this ordinance shall continue to be affordable housing for a minimum period of 30 years after the initial rental of the affordable unit.
This ordinance also provides that, prior to the issuance of a building permit for any housing development subject to the affordable housing requirements, the developer shall do one or both of the following, as applicable:
1. Pay an amount equal to the required fee in lieu of establishing affordable units.
2. Execute and record a development agreement against the housing development to secure the requirements of this ordinance relating to the establishment of af...
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