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The 85 Percent Rule is a measure of parking utilization that
acts as a benchmark against which parking management decisions are
based. Within the parking industry, it is assumed that when an inventory
of parking exceeds 85 percent occupancy in the peak hour, the supply
becomes constrained and may not provide full and convenient access
to its intended user. Once a supply of parking routinely exceeds 85
percent occupancy in the peak hour, the 85 Percent Rule would require
that parking management strategies be evaluated and/or implemented
to bring peak hour occupancies to a level below 85 percent to ensure
intended uses are conveniently accommodated. (6279)
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As defined by the Partnership for Working Families, a community
benefit agreement is "a project-specific negotiated agreement between
a developer and a broad community coalition that outlines the project's
contributions to the community and ensures community support for the
project."
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Housing trust funds are distinct funds established by city,
county, or state governments that receive ongoing dedicated sources
of public funding to support the preservation and production of affordable
housing and increase opportunities for households to access decent
affordable homes. Housing trust funds systemically shift affordable
housing funding from annual budget allocations to the commitment of
dedicated public revenue.
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A Vertical Housing Development Zone (VHZ) is an area designated
by local jurisdictions to encourage dense, mixed-use developments.
Eligible projects within a VHZ may receive partial property tax exemptions,
which vary based on the number of "equalized floors" in the development,
with a maximum property tax exemption of 80% over a 10-year period.
An additional partial property tax exemption may be given if some
or all of the residential housing is for low-income persons (80% of
area median income or below).
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