Title
Planning and Building Department, Affordable Housing Unit, with concurrence from the Chief Administrative Office, in accordance with Board of Supervisors Policy B-14, Traffic Impact Fee (TIF) Offset Program for Developments with Affordable Housing Units, recommending the Board:
1) Find that the Racquet Way Apartment Complex Phase 2 project provides significant community benefit by providing housing that is affordable to low-income households;
2) Make a conditional award of a TIF Offset totaling $139,098 (per current TIF Program Fee schedule, but subject to change with each TIF schedule update), to offset 50 percent of the TIF for 24 units affordable at or below 80 percent of the area median income; and
3) Authorize the Planning and Building Department Director to execute all documents associated with the TIF Fee Offset Program, contingent upon approval by County Counsel and Risk Management.
(District 3)
FUNDING: Federal and State Transportation Revenues.
Body
DISCUSSION / BACKGROUND
The purpose of the Housing Element of the El Dorado County General Plan is to support and identify an adequate supply of housing affordable to lower-income Households by providing guidance in the development of future plans, procedures and programs, and by removing governmental constraints to housing production. The Board of Supervisors has long recognized that while Traffic Impact Fees (TIF) are necessary to mitigate development impacts, they have the potential to hinder the creation of housing affordable to low- to moderate-income households. To encourage such development, the Board adopted Policy B-14, TIF Offset Program for Affordable Housing, on December 11, 2007 (Legistar file 07-1822).
The TIF Offset Program is funded through the TIF Program, which provides $1 million of federal and state transportation revenues annually during each 20-Year Program cycle to be allocated to selected, eligible affordable housing projects that apply. Funds are cumulative, and any unus...
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