Title
Vote to approve a Fee In Lieu Of Agreement for the Affordable Housing Element of the Vickers Village development
Abstract
Introduction & Background: In 2021, Chatham County approved Compact Communities conditional zoning permissions for the land that will become the Vickers Village development. With these Compact Communities permissions came a commitment to provide a quantity of affordable home-ownership opportunities. This affordable housing inclusion has grown increasingly costly for the county based on current housing costs and market trends. Recognizing this, the Vickers-Bennett group has proposed an amendment to the previous Affordable Housing Element to permit acceptance of a Fee in Lieu at an increased per-unit rate of $52,600.
Discussion & Analysis: The Housing Department presented on October 20th seeking further guidance. Following direction from board members, staff had further conversation with the Vickers Village group, who agreed to raise their Payment-in-Support and derived Fee in Lieu to $52,600 per unit, in line with Consumer Price Index increases since 2021.
How does this relate to the Comprehensive Plan: Comprehensive Plan Goal 9 calls for “equitable access to high-quality education, housing, and community options for all.” Decisions guiding the future provision of affordable housing can lay the groundwork for working Chatham County residents to access a variety of desirable housing opportunities and community options.
Budgetary Impact: Electing to continue with the existing Affordable Housing Element will cost at least $1.7 million. Choosing to accept a fee in lieu would yield $526,000 for other housing opportunities.
Recommendation/Motion: Motion to approve an amendment to the Affordable Housing Element of the Vickers Village development, including an increased per-unit rate and accepting a fee in lieu of affordable units.