Inclusionary zoning (IZ) is a voluntary program through which a certain percentage of dwelling units in residential developments are made available to income eligible families. To encourage IZ in developments, developers could receive non-monetary compensation in the form of density bonuses, zoning variations and/or City funds such as tax increment financing (TIF) funds (where the development is located within a TIF district and eligible) upon meeting criteria outlined in this Ordinance. It is the intent of this program to expand the supply of inclusionary dwelling units while dispersing them throughout the City, to broaden opportunity and foster mixed-income communities.
The goal of the IZ program is to further the availability of a full range of housing choices for families of all income levels in all areas of the City. IZ is intended to meet the City's goal of creating a diversity of high-quality housing in appropriate locations throughout the City that supports a variety of lifestyles and invigorates community character. Though the City currently meets the state requirements for affordable housing, it is important to establish a mechanism to encourage the creation of new housing units affordable to income-eligible families. Many workers cannot afford to live where they work; further constraining their financial situation by adding higher transportation costs. In addition, several people with limited or fixed incomes cannot afford market-rate housing. The availability of inclusionary dwelling units (IDU) will allow them to remain a part of this community. Without intervention, the trend of increasing housing prices might result in an inadequate supply of IDU for City residents and local employees, which in turn will have a negative impact upon the ability of local employers to maintain an adequate local work force and will otherwise be detrimental to the public health, safety, and welfare of the City and its residents.
This article details the importance of inclusionary housing and provides the design and development criteria. Inclusionary zoning is important for the City for the following reasons:
A.
It allows the City to provide safe and decent housing to all members of the community.
B.
It fosters mixed income communities, which allow low income, retired and disabled people to remain productive members of the community.
C.
Inclusionary housing allows for the City to maintain a high daytime and evening population by providing both the jobs and the housing.