HomeMy WebLinkAbout014 Affordable Housing NarrativeCanyon Gate Affordable Housing Narrative
The vision for Canyon Gate is to create a vibrant district hub connecting communities while
adding economic vitality and fostering human vibrancy in the Story Mill neighborhood. As a
result, we have envisioned a rejuvenated node encompassing residential housing as well as
commercial space.
The development team recognizes the housing crisis in our valley and lack of obtainable,
workforce housing. In response, we have voluntarily offered to provide a minimum of 60
housing units within the R-5 zoning that are priced no greater than 120% of Area Median
Income (AMI) per the annexation and zoning agreement.
The plan is to provide the entire west building of Truman Flats available for lease to
applicants earning no more than 120% of AMI. A total of 74 units will be made available,
which is 50% of the total project. This will include (11) studios, (33) 1-bedroom units, (24) 2-
bedroom units, and (6) 3-bedroom units. The west and east building are identical.
The current AMI calculations are listed below. As an example, using today’s figures with AMI
at $126,000, income levels for prospective tenants would not exceed $105,850 for 1 person,
$120,950 for 2 people, $136,100 for 3 people, or $151,200 for 4 people. Monthly rent would
not exceed $2,646 for a 1-person studio, $3,024 for a 2-person 1-bedroom unit, $3,403 for a
3-person 2-bedroom unit, or $3,780 for a 4-person 3+ bedroom unit.
The developer will retain a third-party management company to manage the property as well
as verifying the income for each potential applicant to ensure they meet the income restrictions
for those units. These qualifications will be verified as part of the tenant application process
and annually at the time of lease renewals moving forward.