Inclusionary Zoning Sample Clauses

Inclusionary Zoning. (“IZ”): The Developer shall dedicate a minimum of 3,882 square feet of gross floor area to IZ units in the building (approximately 12.7% of the building’s residential gross floor area and penthouse habitable space floor area combined), which results in three total IZ units. Two of the IZ units (2,890 square feet of gross floor area total) will be dedicated to households earning up to 60% of the Median Family Income (“MFI”) and one of the IZ units (000 xxxxxx xxxx xx xxxxx xxxxx xxxx) will be dedicated to households earning up to 50% of the MFI. In contrast, the Zoning Regulations require that the Developer dedicate a minimum of 2,301 square feet of gross floor area to households earning up to 60% of the MFI (8% of the base building’s residential xxxxx xxxxx xxxx) plus 000 xxxxxx xxxx xx xxxxx xxxxx xxxx to households earning up to 50% of the MFI (8% of the penthouse habitable space), which results in a total IZ requirement of 2,441 square feet. Thus, the Developer is dedicating 1,441 square feet of gross floor area to IZ units over the amount required by the Zoning Regulations, which is a 59% increase over the amount required. In addition, two of the IZ units will have approximately 1,445 square feet of gross floor area each (approximately 1,000 net square feet) in order to provide affordable family-sized housing for District residents.
Sample 1
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