Policy - 2017 Long-Term Housing Affordability Policy

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facilitate the acquisition, construction, and/or rehabilitation of housing for the purposes of promoting affordable housing. IV. Exceptions A. The Board of Commissioners may reduce the required ninety-nine (99) year affordability restriction to forty (40) years when: i. The County's total financial contribution to the project is less than fifteen percent (15%) of the total project cost; or ii. The developer agrees to and develops at least thirty-five percent (35%) of the project units as affordable units. B. The Board of Commissioners may authorize the cancellation of restrictive covenants upon a determination that: i. A structure is in a state of disrepair such that the estimated cost to repair the structure exceeds one hundred percent (100%) of the value of the structure; and ii. Redevelopment of the property is cost prohibitive; and iii. Sale of the property is substantially unlikely to occur if the restrictive covenants are not cancelled. C. The Board of Commissioners authorizes the County Manager to approve removal of properties from the affordable housing inventory in accordance with the April 21, 2015 Interlocal Agreement for the Community Home Trust. D. In the event an application for exception does not meet all of the required elements to grant an exception pursuant to IV A — D above the Board of Commissioners may examine each application individually and ascertain whether the circumstances justify the granting of an exception. In such event the Board of Commissioners may grant an exception upon making findings of fact setting out all the relevant factors that reasonably and equitably justify such exception to this policy. V. Policy Review This policy will be reviewed by County staff and officials within two (2) years of the original approval date to ensure continued congruency with local affordable housing programs. Effective Date: April 3, 2000 Revised: June 6, 2000 Revised: February 21, 2017