Fiscal Note
[Enter Fiscal Note Here]
Title
Amending Section 28.071(2)(a)2. of the Madison General Ordinances related to Downtown Height Requirements to allow affordable student housing to exceed the maximum number of stories. (District 2, District 4, District 6)
Body
DRAFTER’S ANALYSIS: This proposed ordinance amends MGO Sec. 28.071 to allow for buildings in the downtown and urban districts to exceed the maximum number of stories if the property owner voluntarily enters into a contractual agreement with the City of Madison. The contractual agreement must demonstrate that the property owner has agreed to comply with provisions of a memorandum of understanding between the City and one or more postsecondary educational institution(s) to provide bedrooms rented below market rate to eligible students from low or moderate income households.
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The Common Council of the City of Madison do hereby ordain as follows:
1. Paragraph 2. of Subdivision (a) entitled “Downtown Height Map and Table” of Subsection (2) entitled “Downtown Height, Stepback, and Setback Requirements” of Section 28.071 entitled “General Provisions for Downtown and Urban Districts” of the Madison General Ordinances is amended as follows:
“2. Buildings with a voluntary contractual Land Use Restriction Agreement ("LURA") with the City of Madison to provide income and rent-restricted dwelling units or bedrooms in a dwelling unit ("affordable units") may exceed the maximum number of stories, provided the building remains at or below the maximum height in feet in Table 28E-3. To exceed the maximum number of stories, the building shall meet at least one of the following requirements:
a. Any development or redevelopment with City of Madison funding to support affordable units.; or
b. For buildings without City funding to support affordable housing funding units:
i. The cumulative interior square footage of the affordable units shall be greater than or equal to fifty percent (50%) of the total interior square footage of all units and common amenity space, such as community rooms and fitness rooms, above the maximum number of stories in the Downtown Height Map. Subject to the details in the LURA, the cumulative square footage of the affordable housing units may be distributed throughout the building.
ii. The affordable units shall be rented to households with an income at or below sixty percent (60%) area median income limits and at or below rent limits for sixty percent (60%) area median income as specified in the LURA.
iii. The effective period of the LURA must be at least thirty (30) years.
c. For buildings without City funding to support affordable units and where affordable units are rented to students enrolled at postsecondary educational institutions:
i. A contractual agreement shall be voluntarily entered into by the property owner and the City of Madison. The property owner shall agree to comply with the provisions of a memorandum of understanding between the City and one or more postsecondary educational institution(s) regarding the referral of students from households with low or moderate incomes to rent bedrooms at below market rate; and
ii. The property owner shall voluntarily execute a LURA for the benefit of the City guaranteeing that the property owner will provide the below market rate affordable units to students from households with low or moderate incomes for a specified period of time.
iii. The Community Development Division shall approve the terms of any required documents and determine if the property owner has met the requirements of this subsection.”