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Home My WebLink About18.0 Affordable Housing PlanMCCLURE RIVER RANCH Affordable Housing Plan & Agreement NOVEMBER 2019 Prepared by: LAND WEST 345 Colorado Ave. #106 Carbondale, CO 81623 970.379.4155 www.landwestcolorado.com (this page intentionally blank) McClure River Ranch 2 AH Plan & Agreement — November 2019 TABLE OF CONTENTS 1. AFFORDABLE HOUSING 4 1.1. AFFORDABLE HOUSING CALCULATION 4 1.2. MITIGATION TYPES 4 1.2.1. For Sale Affordable Housing Units 4 1.2.2. Rental Affordable Housing Units 4 1.2.3. Off -Site Affordable Housing Units 4 1.3. DEVELOPMENT SCHEDULE 5 1.4. LOCATION 5 1.5. BEDROOMS & UNIT SIZES 5 1.6. PRICING OF AFFORDABLE HOUSING UNITS 6 1.7. ELIGIBILITY 6 2. DEFINITIONS 7 3. AGREEMENT EXECUTION 8 McClure River Ranch 3 AH Plan & Agreement — November 2019 1. Affordable Housing 1.1. Affordable Housing Calculation The McClure River Ranch PUD shall provide affordable housing mitigation in an amount equal to ten percent (10%) of the total dwelling units within the PUD with fractional requirements of .49 or less rounded down to the nearest whole number and fractional requirements of .5 or greater rounded up to the nearest whole number. The maximum number of allowed dwelling units within the McClure River Ranch PUD is fifty-four (54), per the McClure River Ranch PUD Guide. Therefore, the PUD shall provide up to five (5) Affordable Housing Units, pursuant to the terms of this Plan and Agreement. 1.2. Mitigation Types Affordable Housing mitigation for the McClure River Ranch PUD may be provided as For Sale, Rental, or Off -Site Affordable Housing Units. Mitigation may be provided in any combination of the following three alternatives. 1.2.1. For Sale Affordable Housing Units Shall be provided within the McClure River Ranch PUD and shall include a Deed Restriction with annual appreciation limits. Residents must meet qualification guidelines as established by the Garfield County Housing Authority (GCHA). 1.2.2. Rental Affordable Housing Units Shall be provided within the McClure River Ranch PUD and shall include a Deed Restriction with rental pricing limits. Tenants must meet qualification guidelines as established by the GCHA. 1.2.3. Off -Site Affordable Housing Units May be provided off-site from the McClure River Ranch PUD, and within Comprehensive Plan Study Area 1 (generally Glenwood Springs through Carbondale areas of Garfield County). These units shall include Deed Restrictions with either annual appreciation limits, or rental pricing limits. Residents must meet qualification guidelines as established by the GCHA. McClure River Ranch 4 AH Plan & Agreement — November 2019 1.3. Development Schedule Following the completion and issuance of Certificates of Occupancy for every nine (9) free market dwelling units within the PUD: No building permits for additional free market dwelling units shall be issued until the issuance of a Certificate of Occupancy for one (1) Affordable Housing Unit within the PUD; OR the provision of one (1) Off -Site Affordable Housing Unit. 1.4. Location Affordable Housing Units may be located in Zone District 1 or Zone District 2 of the PUD, or off-site. Developer will have the right to substitute one deed restricted Affordable Housing Unit for another deed restricted Affordable Housing Unit, and the deed restriction on one unit will be released when a deed restriction is recorded on an appropriate substituted Affordable Housing Unit. For example, Developer may temporarily deed restrict an Affordable Housing Unit on-site and later provide a replacement off-site or a different on-site Affordable Housing Unit; and, in such case, the initial deed restriction will be released when the new deed restriction is recorded. 1.5. Bedrooms & Unit Sizes The total number of bedrooms provided in the Affordable Housing Units shall be determined by multiplying the total number of required Affordable Housing Units by the average number of persons in a household (2.6), then dividing the result by the U.S. Department of Housing and Urban Development (HUD) criteria of persons per bedroom (1.5). The resulting number is the minimum required number of bedrooms that shall be provided across all required Affordable Housing Units. Any fractional bedroom created by the above formula shall be rounded up to the next highest whole number. The following minimum square footage requirements shall be met, with only finished square footage being counted, excluding garages, carports, and unfinished basement space: UNIT TYPE MINIMUM SIZE Studio 500 sf 1 Bedroom 700 sf 2 Bedroom 950 sf 3 Bedroom 1200 sf Single Family, detached 1400 sf McClure River Ranch 5 AH Plan & Agreement — November 2019 1.6. Pricing of Affordable Housing Units The average price for all Affordable Housing Units shall be dispersed over a range of the Area Median Income (AMI) levels for low and moderate income families as published annually by HUD for Garfield County. Affordable Housing Units shall be provided in the following 3 categories: Category!. a. 20% of required Affordable Housing Units must be in Category I; b. Units priced to 70% AMI; c. Units rented or sold to 80% AMI households or less. Category 11. a. 40% of required Affordable Housing Units must be in Category 11; b. Units priced to 90% AMI; c. Units rented or sold to 100% AMI households or less. Category 111. a. 40% of required Affordable Housing Units must be in Category 111; b. Units priced to 110% AMI; c. Units rented or sold to 120% AMI households or less. Exceptions: a. If three (3) or fewer Affordable Housing Units are required per Section 1.1, then the first unit required shall be a Category 11 unit, the second unit required shall be a Category 111 unit, and the third unit required shall be a Category I unit. b. If the number of Affordable Housing Units required per Section 1.1 results in a fraction when multiplied by 20% or 40%, then the Developer must provide the greatest number of Affordable Housing Units as Category 11 units, followed by Category 111, and lastly Category I. For example, if 4 Affordable Housing Units are required per Section 1.1, then 40% of 4 results in 1.6 required Category II units. The Developer would then provide 2 Category 11 units, 1 Category 111 unit and 1 Category I unit. 1.7. Eligibility Eligibility for Affordable Housing Units will be determined by the Garfield County Housing Authority. Eligible Households must be given priority for Affordable Housing Units, unless prohibited by funding sources (HUD, CHFA, etc.). Households must meet all other requirements of the deed restriction. The owner or manager of any Affordable Housing Unit must document how eligibility was confirmed and must keep a record of any documents supporting the eligibility determination. McClure River Ranch 6 AH Plan & Agreement — November 2019 2. Definitions Developer: Means Aspen Polo Partners, LLP, a Colorado limited liability partnership, or any assignee or successor of Aspen Polo Partners, LLP. GCHA: Means the Garfield County Housing Authority. HUD: Means the U.S. Department of Housing and Urban Development. McClure River Ranch 7 AH Plan & Agreement — November 2019 3. AGREEMENT EXECUTION IN WITNESS WHEREOF, Garfield County and the Developer have executed this Affordable Housing Agreement as of date effective: , 2020. BOARD OF COUNTY COMMISIONERS OF GARFIELD COUNTY COLORADO /s/ , CHAIRMAN ATTEST: , CLERK & RECORDER ASPEN POLO PARTNERS, LLP /s/ Joseph E. Edwards, III, Authorized Agent McClure River Ranch 8 AH Plan & Agreement — November 2019