DRAFT Morrisville Affordable Housing Plan, September 23, 2019 version

DRAFT SEPTEMBER 23, 2019

Density Bonuses with Inclusionary Guarantees The Town would identify areas where density bonuses will be granted to developers IF AND ONLY IF the resulting project incorporates a required number or percentage of units affordable to households in targeted income ranges.

Example

The Town adopts an Affordable Housing Overlay into its zoning code that specifies three areas of Morrisville – all near major job and retail centers – where developers will be allowed, by right, to build at a density and height greater than that allowed by the underlying zoning in return for supplying the market with affordable housing units. Of the total number of units produced, at least 15%must be rented to income-eligible households (making between 50% and 70% of AMI) for the following 30 years.

Town adopts Affordable Housing Overlay to zoning code

Allows developers to build denser and higher in three areas of Morrisville

At least 15% of units must be rented to income- eligible households for 30 years.

The Town would have to grant new entitlements in order to obtain the benefits of having additional affordable units. Changing the zoning code to make this possible would require expenditure of political capital and a willingness to accept more density and height in prescribed areas. Cost Scenarios

Affordable Housing Plan for Morrisville, NC | 2019

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