Agenda - 03-16-1999 - 10b - Laserfiche WebLink

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1 - - landscaping such as in village greens, parks, and squares shall be addressed. 2 3 g. The developer shall be required to post a suitable performance bond to ensure 4 that any tree that dies within eighteen (18) months of planting shall be 5 replaced with the same species and size, and that any tree shall be well 6 maintained, i.e., irrigated and fertilized, for a total of thirty -six (36) months 7 from time of planting. If trees are removed, they shall be replaced with trees 8 of similar size and function. 9 10 SECTION 6. Article XII is amended by adding a new Section 15 -182.4 to read as follows: 11 12 Section 15 -182.4 Residential Density Bonuses for Affordable Housing 13 14 (a) For purposes of this section, an affordable housing unit means a dwelling unit (i) that is 15 offered for sale at a price that does not exceed two and a half times an amount equal to eighty percent of 16 the annual median income level for a family of four in the Raleigh - Durham- Chapel Hill Metropolitan 17 Statistical Area or is offered for rent at a monthly rate that does not exceed an amount equal to 35 percent 18 of the monthly median income level for a family of four in the Raleigh- Durham - Chapel Hill Metropolitan 19 Statistical Area, and (ii) with respect to which the developer has arranged for the affordable housing units 20 to remain affordable as descried herein for a period of not less than 100 years, commencing from the date 21 of initial occupancy of the units, by including provisions to ensure such continued affordability in legally 22 binding agreements (including but not limited to a ground lease, a deed restriction or other covenant) 23 running with the unit. Such agreements shall be reviewed and approved by the Town of Carrboro prior to 24 initial occupancy of the units. The units may not be occupied and the agreements may not be recorded or 25 filed until such agreements are reviewed and approved by the Town of Carrboro, and (iii) that conforms to 26 the town's "Village Mixed Use and Affordable Housing Vernacular Architectural Standards." 27 28 (b) The maximum residential density permissible within a development whose maximum density 29 would otherwise be determined in accordance with the provisions of subsection 15- 182.3(b) shall be 30 increased by two dwelling units for every one affordable housing unit included within the development, up 31 to a maximum of 150% of the density otherwise allowable. To illustrate, if the maximum density of a tract 32 would be 100 dwelling units considering only the provisions of subsection 182.3(b), a developer who chose 33 to construct 10 affordable housing units as part of the development of that tract would be allowed to 34. construct 10 additional dwelling units that did not satisfy the "affordability" criteria set forth in subsection 35 (a), for a total density of 120 dwelling units. In this illustration, the maximum possible density that could be 36 achieved would be 150 dwelling units if the developer constructed at least 25 affordable housing units. 37 38 (c) Within any development that provides affordable housing units, the minimum area that must 39 be set aside as open space to satisfy the requirements of Section 15 -198 may be reduced by an amount equal 40 to twice the land area consumed by all such affordable housing units, subject to a maximum reduction of 10 41 percent in the amount of open space otherwise required. 42 43 (d) Affordable housing units constructed in accordance with this section shall be interspersed 44 throughout the development rather than isolated in one area and segregated from the other dwellings that do 45 not satisfy the "affordability" criteria set forth in subsection (a). 46 Page 20 of 35