Title
AN ACT CONCERNING HOUSING AND PROPERTY STANDARDS - MODERATELY PRICED HOUSING PROGRAM for the purpose of establishing a voluntary moderately-priced dwelling unit program; identifying developments eligible to participate in the program; requiring the minimum delivery of moderately-priced units; providing for a binding agreement between participants and the County; providing for alternative methods to comply with unit delivery requirements; setting forth development incentives for program participation; specifying the eligibility requirements for households seeking to purchase moderately-priced dwelling units; establishing the limitations on the sale and resale of moderately-priced units; providing for administrative regulations governing the program; requiring annual reporting on the program; and generally relating to housing development in Prince George’s County.
Background
This legislation establishes a voluntary program to incentivize housing developers to build more affordable single-family housing in Prince George’s County. Under this program, developers enter into an agreement with the County to build a minimum number of homes in a proposed development to be sold at a moderate price. In exchange for offering these homes at a below-market sales price, the developer can access density bonuses, fee waivers and expedited review of final plat and building permit applications. Homes will be offered to eligible households who register with the Department of Housing and Community Development and sold at a price affordable to those making between 60%-100% of the area median income. The program places limits on the resale of these moderately priced homes for a thirty-year period. Finally, this legislation authorizes the Director of DHCD to publish regulations governing the program and requires annual reporting on housing generated through the program.