Ordinance 3579-17 - Laserfiche WebLink

2. Fee exemptions may only be granted to nonprofit entities or public entities providing low-income housing. 3. The fee exemption shall only be granted when the applicant demonstrates the following criteria have been met: i. project will benefit the public; and ii. the applicant has sought other funding sources; and iii. there is a financial hardship to the project of paying the system development charge, and iv. the project is consistent with adopted city plans and policies relating to low-income housing. 4. An exemption granted under this subsection must be conditioned upon requiring the developer to record a covenant approved by the director of planning that prohibits use of the property for any purpose other than for low-income housing. At a minimum, the covenant must address price restrictions and household income limits for the low-income housing, and require that, if the property is converted to a use other than for low-income housing as defined in the covenant, the property owner must pay the applicable system development charge in effect at the time of any conversion. Covenants required by this subsection must be recorded with the Snohomish County Auditor. 5. Area median income shall mean the estimate from the Department of Housing and Urban Development(HUD) of how much money families in a given area earn a specified area. 6. Low-income housing shall mean housing with a monthly housing expense that is no greater than thirty percent of fifty percent of the area median income adjusted for family size, for Snohomish County, as reported by the United States department of housing and urban development. 7. Nonprofit entities shall mean: i. Nonprofit as defined by state law that is exempt from income tax under section 501(c) of the federal internal revenue code; ii. Limited partnership or limited liability limited partnership where a nonprofit that is exempt from income tax under section 501(c)of the federal internal revenue code, a public corporation established under RCW 35.21.660, 35.21.670, or 35.21.730, a housing authority created under RCW 35.82.030 or 35.82.300, or a housing authority meeting the definition in RCW 35.82.210(2)(a) is a general partner or the sole member of the general partner; or iii. Limited liability company where a nonprofit that is exempt from income tax under section 501(c) of the federal internal revenue code, a public corporation established under RCW 35.21.660, 35.21.670, or 35.21.730, a housing authority established under RCW 35.82.030 or 35.82.300, or a housing authority meeting the definition in RCW 2