Project and Developer Requirements
To be considered for the Housing Investment Program, the development team must have significant experience developing multi-family affordable rental housing. In addition, the project must meet the following minimum requirements:
Term − Groundlease projects will be a for a term of not less than 75 years with tiered rent increases. Income-restricted units must remain income-restricted for the length of the ground lease. Projects that do not utilize a ground lease must remain affordable for a minimum of 15 years.
Affordability Mix (New Construction) − A minimum of 50% of all produced multifamily units serve 60% AMI and below
Affordability Mix (Preservation) − A minimum of 50% of all preserved multifamily units serve 80% AMI and below
Per Unit Cost − Requested investment amount must competitively compare with the per unit investment of current projects in the City's housing project pipeline.
Planning and Zoning − Have or be able to obtain all necessary planning, zoning, and building approvals
Special Populations − Dedication of unit(s) to Our Path Home for households exiting homelessness and prioritization of units for voucher holders.
Each project will also be evaluated based on the following criteria with preference given to:
- Optimal site location:
- Appropriate site zoning designation
- Along a transit corridor
- Near an activity center as designated in the City’s comprehensive plan
- Innovative design and placemaking elements
- Ability to support other citywide Strategic Initiatives (e.g., use of green building code, dedication of land or proposed development of pathways, transit amenities, public open space).
All development projects that receive investment are expected to serve as community investments. Specific sites may be subject to additional requirements above and beyond those described above.