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<br />maximum/minimum home size or homebuyer income limits will be imposed for the Neighborhood I <br />Enhancement program. <br /> <br />Criteria for Housing Infill Development Incentives <br /> <br />The San Marcos City Council has adopted the following policy on "Infill Development Incentives" as a way to <br />encourage continued quality housing development within the City limits. <br /> <br />The City of San Marcos is committed to the promotion of quality housing development in all parts of the city, <br />promoting homeownership, and to improving the quality of life for its citizens. In order to help meet these <br />goals, the City of San Marcos will consider certain economic incentives to stimulate infill development within <br />the city limits and certain other quality land development projects that may be considered either within the <br />city limits or its extraterritorial jurisdiction (ET J). It is the policy of the City of San Marcos that such incentives <br />will be provided to appropriate individuals and corporations in accordance with the procedures and criteria <br />outlined in this document. However, nothing in this policy shall imply or suggest, or be construed to <br />suggest, that the City of San Marcos is under any obligation to provide any incentive to any applicant; all <br />such applicants for incentives shall be considered on an individual basis. <br /> <br />1. The following minimum criteria must be met for an applicant to be considered eligible to contract for <br />incentives: <br /> <br />a. The proposed development and / or redevelopment project must create a minimum investment of <br />$50,000 in new private property improvements. An exception to this requirement will be that applicants for <br />the Neighborhood Enhancement Incentive Program's minimum investment will be $50,000 or the current <br />target price of the homes for the targeted area, whichever is lower. City staff will determine the target price <br />and targeted areas for the Neighborhood Enhancement Incentive Program. <br /> <br />b. The project must be consistent with the City's Master Plan and meet the requirements of the Land <br />Development Code, construction codes and all other applicable ordinances. <br /> <br />I <br /> <br />c. The project must include a deed-restricted affordability period of five years for the City-Wide and <br />Neighborhood Enhancement Programs. The affordability period restriction shall state that the sales price for <br />the housing unit shall not exceed the current affordability target price for five years from the closing date of <br />the original sale. If the property owner fails to meet the requirement, then the value of the incentives <br />provided, not to exceed the proceeds from the sale, must be returned to the City at the time of closing. <br /> <br />2. In addition to the minimum requirements stated above, the following criteria will be considered in <br />determining the level of incentives that will be provided to the applicant: <br /> <br />a. Creates infill development on vacant land in developed portions of the city. More specifically, it <br />"fills in" skipped over areas that are already developed within the City. <br /> <br />b. Expands the local tax base. <br /> <br />c. Provides affordable housing while promoting homeownership. For this program "affordable" <br />means the home purchase price does not exceed the established target price for the incentive program. <br />Some additional methods to promote affordability include, but are not limited to, extended deed-restricted <br />affordability periods, buyer residency requirements, income restrictions for homebuyers, and owner- <br />occupied to renter-occupied ratios. <br /> <br />d. Satisfies other housing needs of the community. <br /> <br />e. Proposes compatible land uses within a neighborhood. <br /> <br />I <br /> <br />Housing InfiIl Development Incentives Policy <br /> <br />2 <br />