Affordable Housing Alternative Compliance
Proposal
Alternative Compliance Proposal Amount
Off-site Income-Restricted Affordable Units 70 to 89 units (16 to 20 % net new units) In-lieu Fee $0 - $4,921,000* (0-19 units at $259k* per
unit)
Total Combined in-lieu fee and unit count must
add up to 89 units (20% net new units)
On-site Rent Stabilized Units 160
* Estimate only--in-lieu fee will be based on the fee in effect at the time of issuance of the first building permit for the Project
Prior to Building Permit
Issuance for WP Euclid
Improvements
AH Developer submits
Offsite AH Planning
Application*
Applicant pays in-lieu
fee per unit if less than
89 units proposed for
offsite project*
*unless force majeure prevents planning application submission for offsite project, in which case in-lieu fee must be paid prior to Certificate of Occupancy Affordable Housing Milestone Requirements:
Prior to Building Permit Issuance
Prior to Building Permit
Issuance for Offsite
Affordable Project
Applicant Donates Land
to AH Developer
AH Developer Executes
Regulatory Agreement
w/ City
Applicant provides gap
financing to AH
Developer
Prior to Certificate of Occupancy for
WP Euclid Improvements*
Building Permits Issued for Offsite AH
Project, or
Safety Net Units Created Binding Affordability Restriction placed on Safety Net Units
Restriction released upon COO of
Offsite AH Project and relocation of
the tenant
If Building Permits not issued for
Offsite AH Project by expiration of DA
Term, temporary Restriction becomes
permanent *Developer makes remaining In-lieu
Fee Payment if applicable
Affordable Housing Milestone Requirements:
Prior to Certificate of Occupancy
Safety Net Unit: existing units on land in the City owned by Developer made temporarily available to lower income households consistent with the City's 2019 Inclusionary Housing Ordinance until Off-Site AH Units are available for occupancy