Bill > H4754

This bill authorizes the city of Everett to establish a dedicated fund, called the Affordable Housing Linkage Fee Revolving Fund, to collect and spend fees imposed on certain development projects. Specifically, Everett can require developers to pay an "affordable housing linkage fee" if their project needs zoning approval, such as a variance or special permit, and exceeds a certain size threshold determined by the city council. The ordinance will outline the fee amount, how it can be increased, and which types of projects it applies to. The collected fees must be deposited into the separate revolving fund, which will be managed by the mayor and used exclusively for building or improving affordable housing within Everett. Affordable housing is defined as housing for individuals or families earning up to 110% of the area median income, as calculated by the U.S. Department of Housing and Urban Development (HUD) and adjusted for family size. The mayor will also be required to submit an annual report to the city council detailing the fund's balance, deposits, and expenditures.