General Plan - Moreno Valley

CHAPTER 8 – HOUSINGMORENO VALLEY GENERAL PLANPolicyProgram3.1.03 The City Planning Department, in cooperation with EDD/RDA will reduce theimpact of construction costs and Development Code requirements on lowerincome-affordablehousing by developing compensatory economic incentives (andcriteria guidelines for project affordability) that will assist in reducing the overallcosts of low-income housing by January of 1992.UpdateThe Redevelopment Agency has provided financial assistance for the construction of lowerincome, affordable housing. Under the Density Bonus Ordinance, the City will provide anincrease of 25% above the otherwise allowable residential density. The City can also providea reduction in the Development Impact Fee and Park Land Impact Fee for units built underthe Density Bonus Ordinance and/or reduce parking requirements. All of thesecompensatory incentives will assist in reducing the cost of developing affordable housing.PolicyProgram3.1.04 The City will continue to subsidize new low-income rental housing development bymaintaining Development Impact Fees for lower-income multi-family rental units atlevels that are less than 33% of actual economic impact per unit. DevelopmentImpact Fees on single and multi-family units selling or renting at levels above theaffordability standards for median income households will gradually be increaseduntil the fees on these higher prices units cover 100% of the actual economicimpact to the City by 1995.UpdateLegally, the City cannot shift impact fees to other development in excess of thatdevelopment’s impact. RDA has paid fees for affordable units to address impacts.Page 8-95 July 11, 2006