Incentive
|
Description
|
1. Density Bonus
|
a. Can increase density up to 150% of otherwise allowable density
|
b. 1 additional market-rate unit for every 1 affordable unit
|
c. 85% of the maximum required affordable units at maximum density must be met to gain a density bonus; 85% of ((max density – base density)/2)
|
d. Developments that use the density bonus may be entitled to relief from the setback requirements under some circumstances
|
2. Affordable Housing Fund
|
a. Nonprofits and residents can apply to the Town for funding of projects that meet the Town’s affordable housing goals
|
3. Permit Fee Waiver
|
a. Land use and building permit fee waivers available for nonprofits
|
4. Open Space
|
a. Any development that provides affordable housing can reduce the required open space by an amount equal to twice the land area consumed by all affordable housing units (down to a minimum of 20% open space)
|
5. Size Limited Requirement Waiver
|
a. It is required that all new residential developments have 25% size-limited units. Basically, if the affordable housing policy goal is met, this requirement is waived
|