§ 9.02.01. Affordable housing.  


Latest version.
  • "Affordable" is generally stated as housing that costs no more than 35 percent of family income either in rent or mortgage payments. The following incentives and criteria are designed to encourage the construction of affordable housing:

    A.

    Performance standards, density and intensity bonuses shall be offered to developers in accordance with section 7.02.00 of this Code.

    B.

    The town may consider the awarding of tax free municipal bonds to developers of projects planned exclusively for affordable housing under circumstances where no liability accrues to the town.

    C.

    If cases should arise, the town shall use its regulatory powers to discourage lending institutions from refusing to grant mortgage loans ("redlining") of development or re-development of older neighborhoods or areas inhabited primarily by minorities or low income families.

    D.

    Elderly cottage housing opportunity (ECHO) housing involves the construction of small safe, secure and sanitary housing on lots already occupied by a principal residence. ECHO houses may be permitted under the following conditions:

    1.

    The lot is of sufficient size to meet setback requirements for ancillary buildings.

    2.

    The justification for the housing unit is to provide housing for the elderly.

(LDC Ord. of 1-9-2014)