Agenda - 03-20-1991 - Laserfiche WebLink

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Exhibit B AN ACT TO AMEND THE ENABLING LEGISLATION FOR 11 ZONING ORDINANCE REGULATIONS TO AUTHORIZE ORANGE COUNTY TO GRANT DENSITY BONUSES AND OTHER INCENTIVES FOR DEVELOPERS OF HOUSING FOR PERSONS OF LOW OR MODERATE INCOME The General Assembly of North Carolina enacts: Section 1. G.S. 5 15 3A- 3 4 0 is amended by adding a new paragraph to follow the present first paragraph which new paragraph reads as follows: For the purpose of increasing the availability of housing for persons of low and moderate income, and thereby promoting the public health, safety and welfare, a county shall have the authority to grant a density bonus or provide other incentives of equivalent financial value to a developer of housing within the county if the developer agrees: 1) to construct at least 40 percent of the total duplex or multi - family units of a housing development for rent to persons and families earning less than 60% of Orange County median income, adjusted for family size, as determined by the U.S. Department of Housing and Urban Development (hereinafter "median income "); or 2) to construct at least 20 percent of the total duplex or multi - family units of a housing development for rent to families earning less than 50% of median income; or 3) to construct the greater of two (2) or all of the bonus of the total single family residential units of a housing development for sale to persons and families earning less than 80% of the median income; or 4 ) to donate land to Orange County for the purpose of the development of affordable housing which land must have suitable soils or access to public water and sewer and be sufficient in size for the greater of two (2) or all of the bonus units. For the purposes of this paragraph, "density bonus" means a density increase of at least 25 percent over the otherwise maximum allowable residential density under the 1