Affordable Housing Incentives
On Jan. 6, 2020, the City Council adopted an inclusionary housing ordinance that provides incentives for the creation of affordable housing within Geneva. The adoption of the ordinance supports the City’s stated goal to provide a balanced mix of housing that serves current and future residents across the entire age and income spectrum.
To be eligible for affordable housing incentives, at least 15% of the total number of units to be constructed must be considered affordable, and the development must comply with other requirements related to affordability, location of affordable units, phasing of construction, exterior appearance, and interior appearance and finishes.
A waiver or partial waiver of all building permit fees, demolition fees, plan review fees, sewer and water connection fees, and cash contributions (when required in lieu of park and school land dedications) for affordable units constructed within the development. Customary fees apply to market-rate units.
TIF Assistance Funds
Tax increment financing (TIF) funds can be available for developments building affordable housing within an established TIF district.
The City may assist in offsetting a portion of the cost of constructing affordable housing by selling City-owned property below fair market value or donating property to a development containing affordable housing.
One additional market-rate unit may be allowed for each affordable unit provided. The maximum density bonus shall not exceed 115% of the maximum otherwise allowed under the applicable zoning district regulations.
To learn more about the affordable housing incentives, please review the inclusionary housing ordinance and contact City staff with any questions.