Extended from the original (ambiguous) term to a firm 30-year affordability covenant
recorded against the property. This is a material change for developers — the restricted
rent period now exceeds most hold period assumptions.
Tightened the methodology for calculating maximum rents. Rents must be based on the
applicable AMI for the county where the project is located, using HUD's published
income limits. Eliminated the ability to use metropolitan statistical area (MSA) figures
that could inflate allowable rents.
Municipalities may now impose objective design standards on Live Local projects,
including setbacks, facade articulation, ground-floor activation, and landscaping.
However, these standards cannot have the effect of reducing density, height, or
unit count below what the statute permits.
Clarified that sites with existing commercial use may still qualify for Live Local
development, provided the affordable housing component meets all thresholds.
Projects meeting Live Local affordability thresholds are exempt from local impact
fees for the affordable units.