Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted:
Requesting Agency:
Division:
Subject Matter Expert Name:
Email Address:
Phone Number:
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
AS AMENDED a bill for an ordinance amending Chapter 27 of the Denver Revised Municipal Code concerning housing, establishing permanent funds to support city affordable housing programs, adopting an affordable housing linkage fee applicable to new construction, and dedicating a portion of the city’s existing property tax revenue capacity to the funding of affordable housing programs
Approves creating dedicated funding streams from property taxes and commercial and residential linkage fees to be used for affordable housing programs. The Committee approved filing this bill at its meeting on 8-24-16. Amended 9-12-16 to disassociate the revenue from the dedicated .5 mill from the referred measure 2A of 2012. Amended 9-19-16 to provide that the prohibition will be in place for only three years rather than five, through 2020, thus reducing the time before linkage fees can be increased; to broaden the requirement to create a 3-5 year action plan for the permanent funds to instead create a comprehensive housing plan that encompasses all funds that are allocated toward housing, and requires the plan to be submitted to City Council for approval; In a detailed review of the nexus study calculations, we found a small inconsistency with the current ordinance language on the use of linkage fee revenue. Our team made a policy choice in developing the proposal to set the income levels for the linkage fee revenue at 80% AMI for rental development, 100% AMI for homeownership development, and 120% AMI for homeownership assistance to match the property tax revenue income limits. However, findings of the nexus study do not support the housing gap above 80% AMI for the linkage fee. We are committed to maintaining a complete connection between the housing fund ordinance and the nexus study to support the legal foundation of the linkage fee, so this finding requires a technical amendment to the current ordinance to reflect 80% AMI as the income limit for linkage fee revenue on rental development, homeownership development and homeownership assistance. Please note that the property tax portion of the permanent fund will continue to be allowed by the ordinance to serve families up to 100% AMI for homeownership development and 120% AMI for homeownership assistance; and to repeal the provisions of the bill establishing the permanent funds, the linkage fee, the dedicated property tax revenues, and the affordable housing advisory committee ten years from now, unless further legislative action is taken in the future to extend these provisions.
body
Affected Council District(s) or citywide?
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?