HomeMy WebLinkAboutEconomic Development Staff Report - Aspen 8To: Director of Community Development
Fr: Brit Fontenot, Director of Economic Development
C: Anna Bentley, Director of Community Development
Date: January 30, 2024
RE: Approval of Affordable Housing Plan for Community Development Project Aspen 8 Site Plan
Pursuant to Sec. 38.200.010.H, BMC, as the duly appointed Director of Economic Development, I am
the review authority for an affordable housing plan submitted pursuant to Chapter 38, Article 3 3,
Division 300, BMC. I hereby approve the attached Affordable Housing Plan for the Aspen 8 Site Plan
(the “Project”). I request you include in your approval of the Aspen 8 Site Plan the following
conditions:
1. The applicant and owner, if different, must consent to the City recording a summary of the
affordable housing plan immediately following conditional approval of the Aspen 8 Site Plan.
2. The applicant and owner, if different, must record and provide to the City of Bozeman a Notice
of Restrictions for the Affordable Housing Plan and a Declaration of Restrictive Covenants that
implements the affordable housing plan immediately following condition approval of the Aspen
8 Site Plan.
The summary of the affordable housing plan and the restrictive covenant must be recorded prior to
issuance of a building permit for the Aspen 8 Site Plan.
The proposed project will provide approximately 116 new affordable housing units to the City of
Bozeman. These units will be income and rent restricted at 60% of the Area Median Income (AMI) and
will extend the affordability requirements for a period of no less than 30 years. The proposal is utilizing
the Shallow Incentives allowed per BMC 38.380 Affordable Housing, which were created to incentivize
the increased production of affordable housing to meet the needs of city residents and the goals of the
adopted Bozeman Community Plan, and the Community Housing Action Plan.
The review authority has approved the Affordable Housing Plan for the Aspen 8 project and finds that
the plan includes all information required for the City to confirm compliance with the standards and
criteria in BMC 30.380, including the standards in 38.380.030.A Incentives Available. The requested
incentives include two additional stories of height.
The Affordable Housing Plan has been incorporated by reference in the Site Plan documents.
Please include a copy of this memorandum and the approved affordable housing plan in the file for the
Project.