Town of Lincoln, RI Special Regulations

Purpose. The purpose of this article is to establish an Affordable Housing Fund that will receive and hold monies that will be used to increase the Town's supply of low- and moderate-income housing.

Sources of fund. The Affordable Housing Fund may receive and hold monies from the following sources:

(1)

Fees paid by developers in lieu of construction of inclusionary dwelling units pursuant to Article VII, Inclusionary Zoning.

(2)

Fees paid pursuant to any other ordinance enacted to implement the housing element of the Town's Comprehensive Plan, including its Affordable Housing Plan.

(3)

Town appropriations.

(4)

Contributions from individuals, corporations, or charitable or governmental entities.

Administration of fund. The Affordable Housing Fund shall be established as a restricted account that is administered by the Department of Finance pursuant to R.I.G.L. § 45-23-47, as amended.

Purposes for which money may be used. Money held in the Affordable Housing Fund may be used by nonprofit and for-profit developers in the following ways to carry out goals of Lincoln's Affordable Housing Plan, provided that a minimum of 50% of all dwelling units are set aside for low- and moderate-income households. In developments where the housing units will be offered for sale, low- and moderate-income units shall be affordable for a family with an adjusted gross income that is less than 100% of area median income. In developments where the housing units will be rentals, the rent for all low- and moderate- income units shall be affordable for a family with an adjusted gross income that is 80% or less of area median income.

(1)

Grants to pay for all or part of the cost of constructing new low- or moderate-income housing or to purchase existing structures for rehabilitation and conversion to low- or moderate-income housing.

(2)

As a municipal subsidy used to leverage funds from other sources in order to construct low- or moderate-income housing.

(3)

To purchase land on which low- or moderate-income housing will be constructed.

(4)

As repayable loans for the construction or creation of low- or moderate-income housing.

Town Council to award funds. Monies from the Affordable Housing Fund may from time to time be awarded by the Town Council after a public hearing. The date, time, location and purpose of the public hearing shall be advertised in a newspaper of general circulation in Lincoln at least 14 days before the date of the public hearing.

Fund distributions. Entities seeking Affordable Housing Fund financing shall provide all of the following information to the Planning Department, which will determine the completeness of the application prior to Town Council action. Missing or incomplete items must be provided before the Planning Department will certify the application as complete.

(1)

Name, address and phone number of applicant;

(2)

Address of the site proposed for affordable housing, and site description;

(3)

Evidence that the applicant controls the site;

(4)

Number and type (homeownership or rental) of housing units proposed;

(5)

Other sources and amounts of housing construction financing;

(6)

Relevant project details, including percentage of units for low- or moderate income households, income eligibility standards, and maintenance of long-term affordability of low- or moderate-income housing units based on § 260-42;

(7)

Statement of conformance with Lincoln's Affordable Housing Plan;

(8)

Financial pro forma demonstrating that the project is financially feasible on the basis of estimated development costs (land acquisition, construction, financing and administration), and the resulting rental rates or sales prices to be charged for all units constructed;

(9)

Proposed timetable for commencement of construction and project completion, including a timetable for construction phasing that includes the percentage of low-and moderate-income housing that will be constructed during each phase;

(10)

Identification of a monitoring agent approved by the Rhode Island Housing and Mortgage Finance Corporation to assure affordability and fair marketing;

(11)

Scaled architectural drawings, including floor plans of typical units and typical elevations, identifying construction type and exterior finish materials; and

(12)

List of all state and federal approvals and permits required prior to construction.

Monitoring of fund distributions. Entities receiving affordable housing funds shall submit quarterly reports to the Planning Department on January 1, April 1, July 1 and October 1 of each calendar year until project completion. The following information shall be provided:

(1)

All expenditures of affordable housing funds, including support materials necessary to justify expenditures (i.e., receipts for work performed).

(2)

A written project status narrative describing activities undertaken during the reporting period, changes in the scope of work, changes in timetables affecting project completion dates, and specific accomplishments, problems or anticipated delays.