Commencing with the 1998-1999 fiscal year, and each fiscal year
thereafter, the City of Santa Monica is authorized to develop, construct,
or acquire low rent housing units equal in number to no more than
one-half of one percent (1/2 of 1%) of the total number of housing
units existing in the City as of the last day of the previous fiscal
year. If the City does not exhaust the authorization conferred by
this Section in any fiscal year, the authority remaining for that
year may be carried over and added to the number of units otherwise
allowed in subsequent fiscal years for a maximum of three (3) additional
years. For purposes of determining whether the City has exhausted
its authorization for a given fiscal year, units shall be counted
against the authorization either when the City grants planning approval
or when the City makes a binding funding commitment for a low rent
housing unit, whichever occurs first.
Commencing with the 1999-2000 fiscal year, at the beginning
of each fiscal year, City staff shall issue a report to the City Council
concerning the following matters:
(a) The
total number of affordable housing units subject to Article XXXIV
which received City planning approval or funding commitments in the
previous fiscal year.
(b) The
total number of housing units existing in the City as of the last
day of the previous fiscal year. As of June 30, 1998, a total of 48,573
housing units existed in the City. Based on permit data reports generated
by the City, this number shall be adjusted each fiscal year by adding
the number of newly constructed housing units that have received final
City approval for the occupancy of the housing unit and subtracting
the number of housing units that have been demolished during that
same period.
(c) The number of affordable housing units which were authorized pursuant to Section
2110 of this Article in previous fiscal years, but which have not already been counted against the annual authorization and which have not been carried over for more than three (3) subsequent fiscal years.
(d) The
total number of affordable housing units that are authorized for the
current fiscal year, including the housing unit authorization that
may be carried over from previous fiscal years.
(a) The
housing authorized under this article shall be in addition to any
other Article XXXIV authorization granted by the registered voters
of the City before or after the adoption of this article.
(b) Any
low rent housing project authorized by this article may be funded
in any manner.
(c) This
article in no way restricts or limits the City’s authority to
develop or assist in the development of housing that is not subject
to Article XXXIV.
(Adopted at General Municipal Election, November
3, 1998)