|
|
AHPP
AFFORDABLE HOUSING PRODUCTION PROGRAM
ADMINISTRATIVE GUIDELINES
for the
AFFORDABLE HOUSING PRODUCTION PROGRAM
of the
CITY OF SANTA MONICA
(Section 9.56 of the Municipal Code)
This program applies to all new multifamily housing projects of 2 or more units for which an application was determined complete on/after May 25, 2006
Condominium Projects in Multifamily Zones
2 or 3-unit projects may pay Affordable Housing Fee
4 to 15-unit projects must provide onsite or offsite units
- 16-unit or greater projects must provide onsite or offsite units
-
Required Affordable Condominium Units are for Moderate Income Households (100% of area median income) if sold, and Low Income Households (60% of area median income) if rented
Affordable Housing Unit Development Cost applies when a developer provides onsite or offsite affordable units, but pays a fee for any fractional unit of less than 0.75; (click here for information on the fractional unit fee)
Affordable Sales Price Guidelines (see formula criteria)
current area median income is $82,800 [2010]
cost Guidelines say moderate income sales price must be based on no less than 33% of median income and no more than 38% of median income
33% of $82,800 = $27,324; 38% of $82,000 = $31,464
2-bedroom adjustment factor is 0.95
$27,324 x 0.95 = $25,957.80/ 12 = $2,163 (rounded) (i.e., 33%)
$31,464 x 0.95 = $29,890.8 / 12 = $2,491(rounded) (i.e., 38%)
$2,163 per month equals minimum total monthly housing cost, which includes mortgage payment, HOA fees, property taxes, property insurance, and mortgage insurance
$2,463 per month equals maximum total monthly housing cost, which includes mortgage payment, HOA fees, property taxes, property insurance, and mortgage insurance
Click Here for affordable condo sales price worksheet
Click Here for Worksheet regarding affordable housing requirements and density bonus incentives
|
Apartment Projects in All Zones Developer Options for Satisfying Program
Provide affordable units on-site
Provide affordable units off-site
Pay the Affordable Housing Fee
Provide land to City or nonprofit for affordable housing
On-Site Option
10% of the units for Very Low Income households (e.g., 2-bedroom rent at $983 {using 2010 rent limits})
20% of the units for Low Income households (e.g., 2-bedroom rent at $1,180 {using 2010 rent limits})
If project in non-residential zone, 100% of the units for Moderate Income households (e.g., 2-bedroom rent at $1,967 {using 2010 rent limits})
Units have minimum size requirements, and must be 2-bedroom units unless at least 95% of project is 1-bedroom and/or single units
Providing units on-site will automatically qualify the project for a density bonus (discuss with City Planning for details)
Affordable Housing Unit Development Cost was increased by City Council on June 14, 2011; this cost applies when a developer provides onsite or offsite affordable units, but pays a fee for any fractional unit of less than 0.75;
- More details on the On-Site option
Off-Site Option
Fee Payment Option
Land Option
|
| Other Information and References
|
|
|