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CC 04-06-2021 Item No. 19 Density Bonus Ordinance_Staff Presentation1 City Council April 6, 2021 Municipal Code Amendment Density Bonus Ordinance Background Affordable Housing strategies (City Work Program Item FY20/21) includes Updates to City’s Density Bonus Ordinance Inclusion of adopted housing program in ordinance Other amendments 1 2 CC 04-06-2021 Item No. 19 2 State LawState Law Former Program Jan. 1, 2021 Density Bonus - Maximum 35% - 100% affordable projects get more bonuses - Maximum 50% bonus OR - Local housing program > 35% Proposed changes to Density Bonus Ord.Proposed changes to Density Bonus Ord. Existing Proposed Target Group Proportion of Total Affordable Dwelling Units Maximum Density Bonus Proportion of Total Affordable Dwelling Units Maximum Density Bonus Very Low Income 5% 20%No change 6% - 10% (1)22.5% - 32.5%6% - 12% (1)22.5% - 37.5% 11% or more 35%13% or more 40% Low Income 10% 20% No change 11% -19%(2)21.5% - 33.5% 11% - 22% (2)21.5% -38% 20% or more 35% 23% or more 40% Mod. Income (Common interest developments) 10% 5%No change 11% - 39% (3)6% - 34% 11% - 44% (3)6% - 39% 40% or above 35% 45% or above 40% Senior Citizen 35 units (minimum)20%No change (1)For every 1% increase over 5% of target units, density bonus shall increase by 2.5% up to maximum of 35 40%. (2)For every 1% increase over 10% of target units, density bonus shall increase by 1.5% up to maximum of 35 40%. (3)For every 1% increase over 10% of target units, density bonus shall increase by 1% up to maximum of 35 40%. Correction to table (in red) (discussed later) 3 4 3 Economic Evaluation Conclusions City’s program will incentivize rental housing production 40% bonus allows enough additional market rate units to offset cost of more VLI units Will improve feasibility of rental development projects Improvement in rate of return is particularly notable for higher density rental apartment developments Economic Evaluation Conclusions For condo development, neither City’s proposed program nor AB 2345 program improve rate of return over that of 2020 City requirements Density bonuses most successful in incentivizing very low income housing City of San Diego program inspired AB 2345 Developers in San Diego used very low income units to obtain density bonus (rental or ownership) Will continue to incentivize very low-income rental housing, serving households with greatest need 5 6 4 Other reasons Cupertino experience San Diego experience Existing ordinance provided adequate incentives to include affordable housing Density bonus not used to any significant extent until local program adopted. Cupertino developers familiar with density bonus law and used regularly Other reasons Groups like CA Rural Legal Assistance Foundation and Western Center on Law and Poverty opposed formula contained in AB 2345 Concerned might disincentivize production of low- income units by making it harder to compete against market-rate developers for sites Recommended that pattern of increases follow same pattern as density for affordability ratio existing in density bonus law prior to passage of AB 2345 Cupertino’s housing program does this 7 8 5 Planning Commission Review ●Reviewed amendments on February 23, 2021 ●Recommended approval on 4-1 vote (Kapil – no) Typographical Correction and clarificationsTypographical Correction and clarifications Income Level of unit Proportion of Total Affordable Dwelling Units Maximum Density Bonus Very Low Income(1) 5% 20% 6% - 12% (1)22.5% - 37.5% 13% or more 40% Low Income(2) 10% 20% 11% -22%(2)21.5% -38.538% 23% or more 40% Moderate Income(3) (Common interest developments) 10% 5% 11% - 44% (3)6% - 39% 45% or above 40% Changes do not change conclusions of economic evaluation conducted by the Hausrath Economics Group 9 10 6 Recommended Action ●That the City Council conduct the first reading of Ordinance No. 21-______, "An Ordinance of the City Council of the City of Cupertino Amending Cupertino Municipal Code Section 19.56.030A (Table 19.56.030) and 19.56.030F (Density Bonus Ordinance) to Incentivize the Development of Affordable Housing by Allowing for Density Bonuses of up to 40 Percent," which includes a finding that adoption of the ordinance is exempt from the California Environmental Quality Act. 11