(Added by Ordinance No. 190037; amended by Ordinance No. 190523, effective August 1, 2021.)
A. Purpose Statement. The City intends to implement the FAR Transfer from Existing Affordable Housing Program (the “Affordable Housing Transfer Program”) to promote the preservation of existing affordable housing within the City.
1. PHB will certify whether the applicant’s existing Affordable Housing project meets the standards and requirements set forth in PCC Subsection 33.120.210 D.1. and this Section.
2. The Director of PHB or a designee may enter into covenants and agreements, prepare forms and adopt, amend and repeal Administrative Rules which establish procedures, policies, program requirements, compliance monitoring standards, and penalties for implementation, administration, and enforcement of a program consistent with the provisions of this Section. The Director of PHB, or a designee, has authority to make changes to the Administrative Rules as is necessary to meet current City housing program requirements. PHB Administrative Rules will set forth clear and objective criteria to establish minimum standards for affordable units restricted under the Affordable Housing Transfer Program.
C. Standards. Affordable Housing projects approved for the Affordable Housing Transfer Program must satisfy the following criteria:
1. All of the Affordable Housing dwelling units located on a site wanting to transfer available FAR must have an existing affordability restriction related to funding provided by PHB for at least an additional 30 years from the date of application to PHB for the FAR transfer; and
2. The Affordable Housing dwelling units must be restricted to households earning 60 percent or less of area MFI.