To ensure and promote residential development that provides a range of housing opportunities for all identifiable economic segments of the population, including households of low-and moderate-income and to retain opportunities for people that work in the Town to also live in that Town, with the goal of maintaining a balanced community and affordability to the community's workforce.

(Ord. No. 1, 2023, §2)

(A)

Any land use application for projects of two (2) or more residential housing units brought under the annexation, planned unit development, rezoning, subdivision, subdivision exemption, condominium, condominium exemption, special use, site plan development review or multi-family site plan review sections of this Chapter are required to include at least fifty percent (50%) of the total number of residential dwelling units as affordable dwelling units, pursuant to requirements set forth in this Article, and subject to the following standards:

(1)

The prices for sale or rents charged for permanently affordable priced dwelling units shall not exceed a price that is affordable to a household earning the applicable percentage of Area Median Income (AMI) for Park County as defined annually by the United States Department of Housing and Urban Development (HUD), at the time such unit is sold or rented, and as further specified in Sections 16-29-50 and 16-29-60.

(2)

Affordable dwelling units shall be permanently restricted as defined by the Town regulations, unless a different timeframe is required as part of a Low Income Housing Tax Credit project.

(3)

If the calculations for inclusionary housing results in a fraction of a dwelling unit, the fraction of the unit shall be provided as a complete affordable unit or a fee-in-lieu shall be provided per section 16-29-40.

(B)

Units built as affordable in the project should be comparable to the market rate housing units in exterior finish and design and integrated into the overall project.

(C)

Income Eligibility Required. No person shall sell, rent, purchase or lease an affordable dwelling unit created pursuant to this Article except to a program eligible household. A private owner of a single affordable unit may rent the unit in accordance with the provisions of this Article as set forth in section 16-29-50. All sales, rentals, purchases and leases shall comply with provisions of this Article.

(D)

Deed Restriction Required. No person offering an affordable dwelling unit for rent or sale pursuant to this Article shall fail to lawfully reference in the grant deed conveying title of any such unit, and record with the County Clerk and Recorder, a covenant or declaration of restrictions in a form provided and approved by the Town Attorney. Such deed restriction shall reference applicable contractual arrangements, covenants and resale restrictions as are necessary to carry out the purposes of this Article.

(E)

Good Faith Marketing Required. All sellers or owners of affordable dwelling units shall engage in good faith marketing and public advertising efforts each time an affordable dwelling unit is rented or sold such that members of the public who are qualified to rent or purchase such units have a fair chance to become informed of the availability of such units.

(F)

Required Agreements. Those applicants creating residential developments under this Chapter shall enter into an inclusionary housing development agreement with the Board of Trustees. Such agreements may be part of a development agreement, annexation agreement or subdivision agreement and shall document how the applicant will meet the requirements of this Article including:

(1)

Defining the inclusionary housing development, including the total number of units; the total number of affordable housing units required; and the total number of affordable housing units provided;

(2)

Design standards to assure the affordable units will be comparable to market rate units and are integrated into the development;

(3)

The requirement that each required affordable housing unit must receive its certificate of occupancy before development of every second market-rate housing unit within the development, unless an alternative schedule is approved by the Town; and

(4)

The deed restrictions and additional agreements, in a form acceptable to the Town, as necessary to carry out the purposes of this Article.

(G)

Accessory dwelling units shall not be considered inclusionary housing for the purpose of compliance with the requirements of this Article.

(H)

An applicant shall not be eligible to submit for a building permit until the affordable housing agreement and any required deed restrictions are approved by the Board of Trustees and recorded by the Park County Clerk and Recorder.

(Ord. No. 1, 2023, §2)

An applicant may seek an alternative to providing the required percentage of affordable housing under this Article by any of the following methods:

(A)

Providing the Required Housing Off-Site. This may be met only through the dedication of land to the Town or a qualified housing developer as approved by the Town, with guarantee that the land to be dedicated will allow for, and be developed with, the number of required affordable housing units, and that such units will be deed-restricted as provided for in this Article.

(B)

Dedicating Land Within the Project. Provided it is large enough and located appropriately to accommodate at least the minimum number of required affordable units, land within a project may be dedicated to the Town or a qualified housing developer as approved by the Town. The units to be built within the project shall be comparable to the market rate housing units in exterior finish and design to blend into the overall project, and such units shall be deed-restricted as provided for in this Article.

(C)

Paying a Fee in Lieu of Providing Units as Defined in Section 16-29-40 and in the amounts set forth in the Town Fee Schedule, adopted and amended by the Board of Trustees from time to time. This alternative is only available if the calculation for inclusionary housing results in a fraction of a dwelling unit or if the development is for five (5) units or less.

(D)

Providing fewer units, but which are affordable to households earning at lower AMI levels. For the purposes of this option, one (1) dwelling unit affordable to households earning forty percent (40%) or less of the Area Median Income (AMI) for Park County, as defined annual by HUD, shall equal two (2) units at fifty percent (50%) or less AMI, and one (1) dwelling unit affordable to households earning thirty percent (30%) or less of the AMI shall equal three (3) units at fifty percent (50%) or less AMI.

(E)

The Town Board, in its sole and exclusive discretion, may consider Other Public Benefit proposals to offset an applicant's required percentage of affordable housing, pursuant to the following:

(1)

No more than 50% of the required percentage of affordable housing may be offset by Other Public Benefits.

(2)

To be counted as Other Public Benefits, an applicant must show that its proposal is not solely for the use of the project or development's residents or owners. Project amenities (parks, open space, recreation path, health/fitness centers/pools intended only for project use) will not be considered as Other Public Benefits.

(3)

Other Public Benefits shall be over and above what is otherwise required to obtain approval of the project or development, pursuant to the Unified Development Code.

(4)

Other Public Benefits may include, but are not limited, public parks and trails that close an existing gap in connectivity, opportunities for local food production, access to streams, water and public lands in locations with minimal to no access, rehabilitation and preservation of streams, water and public lands and opportunities for educational programs including those in underserved communities.

(F)

Any alternatives for satisfaction of the inclusionary housing requirement shall be approved by agreement with the Board of Trustees as described within this Article.

(Ord. No. 1, 2023, §2)

If an in-lieu fee is permitted and chosen for all or part of the inclusionary housing required for the project, the fee shall be calculated as described in the Town's fee schedule, established, adopted and amended by the Board of Trustees from time to time, and be due prior to the issuance of the certificate of occupancy.

(Ord. No. 1, 2023, §2)

(A)

Affordable Unit Price. The prices charged for any affordable units shall not exceed prices greater than what is affordable to households earning fifty percent (50%) the Area Median Income (AMI) for Park County.

(B)

Approved Purchases for Affordable Dwelling Units. A developer or owner shall sell to a qualified purchaser after completing a good faith marketing and selection process approved by the Town and/or applicable housing authority.

(C)

Sale Restriction. No person shall sell an affordable dwelling unit except to a person that meets the income asset and other eligibility requirements of this Article or any asset and income eligibility requirement that is included in any applicable contract, deed restriction or any other agreements to which the Town is a party or beneficiary.

(D)

Resale Restriction. All affordable ownership dwelling units developed under this Article shall be subject to following restrictions:

(1)

Approved Purchasers. A seller of an affordable dwelling unit must select an income-eligible purchaser by a method that complies with the good faith marketing and selection process defined by the applicable housing administrative regulations and deed restriction. All purchasers of affordable dwelling units shall be part of program eligible households.

(2)

Resale Price. The resale price of any affordable dwelling unit shall not exceed the purchase price paid by the owner of that unit with the following exceptions:

a.

Closing Costs. Customary closing costs and costs of sale, which may include customary realtor fees, as reviewed and approved by the Town Administrator.

b.

Permanent Capital Improvements. Consideration of eligible permanent capital improvements installed by the seller that have been approved in advance by either the Town Administrator or Board of Trustees in accordance with Town Code, deed restriction, applicable housing authority regulations or administrative rules and guidance.

c.

Resale Price. The resale price may include an inflationary factor or shared appreciation factor as applied to the original sale price pursuant to rules as may be established by the Town Administrator, deed restriction, applicable housing authority regulations or administrative rules and guidance to provide for such consideration. In developing rules, the Town may consider the purposes of this Article, common private, nonprofit and governmental lending practices, as well as any applicable rules or guidelines issued by federal or state agencies affecting the provision or management of affordable housing. In the event that the Town has not adopted rules that contemplate a particular arrangement for the use of an inflationary factor or shared appreciation factor, the Town Administrator is authorized to approve a resale price formula that is consistent with the purposes of this Article, common private, nonprofit and governmental lending practices, as well as any applicable rules or guidelines issued by federal or state agencies affecting the provision or management of affordable housing.

(3)

Special Fees. The seller of an affordable dwelling unit shall neither levy nor charge any additional fees or any finder's fee nor demand any other monetary consideration other than provided in this Article.

(E)

Ownership Associations. When accepting for-sale unit as meeting the inclusionary housing obligation, the Town Administrator and/or applicable housing authority may review the condominium association declaration to assess the impact on buyers of affordable units. The Town Administrator and/or applicable housing authority is authorized to establish rules regarding allowable terms in condominium declarations in order to ensure that the purposes of this Article are accomplished.

(F)

Rental restrictions. The owner of an affordable unit may rent the unit to an income eligible renter by a method that complies with the administrative regulations and/or applicable deed restriction. At no point shall rent price exceed a price that is affordable to a household earning fifty percent (50%) of the Area Median Income (AMI) for Park County, as defined annual by HUD.

(Ord. No. 1, 2023, §2)

Maximum Rent. Rents charged for any affordable unit shall not exceed a price greater than what is affordable to households earning fifty percent (50%) of the AMI for Park County, as defined annually by HUD.

(Ord. No. 1, 2023, §2)

The Town Administrator is authorized to adopted administrative regulations to be utilized in the enforcement of the provisions of this Article. To the extent the Town Administrator deems necessary, rules and regulations pertaining to this Article will be developed and approved by the Board of Trustees, and thereby maintained and enforced in order to assure that the purposes of this Article are accomplished. No person shall violate any rule or regulation issued by the Town Administrator under this Article.

(Ord. No. 1, 2023, §2)