NOTICE - NEW RATES EFFECTIVE NOVEMBER 1, 2015 (see below)
Monitoring Fees - Affordable Housing
|Initial (Sale/Start Up)**
*The Annual fee will not be charged in the same year as the Initial (aka "Start Up") fee.
**The Initial fee is only applicable to NEW constructions for both Ownership and Rental.
***Dependent on whether use of SM Housing Division Waiting List is necessary for reoccupancy for Rental property.
These fees permitted by City Ordinance and established by City Resolution.
Development Fee - Affordable Housing
This Affordable Housing Fee is paid if developer chooses not to provide onsite or offsite affordable units.
FEE FOR APARTMENT PROJECTS
FEE FOR CONDOMINIUM PROJECTS
Fee is due prior to completion of project, but not before building permit issuance, and the amount of fee due is based on fee amount in effect at time of payment.
For projects whose applications where deemed complete on or before December 9, 2005, the amount of the affordable housing fee due is the amount of the fee in effect at the time the project application was deemed complete. For these projects subject to the previous Affordable Housing Fee ordinance, the Fee is fixed and is not adjusted annually.
Fee is subject to change by City Council resolution.
Fee has been established by resolution pursuant to Santa Monica Municipal Code Section 9.64.070
Unit Development Cost - Affordable Housing
The unit development cost is paid if developer chooses to provide onsite or offsite affordable units and number of required units includes a fraction of a unit where the fraction is less than 0.75 units.
Per Section 9.64.070(a)(4) of the Santa Monica Municipal Code, if the developer is required to build a fraction of an affordable housing unit where the fraction is smaller than three quarters of a unit, or 0.75 units, the developer will instead pay that fraction times the current per unit cost to the City for building affordable housing.
That cost is calculated and updated annually. The current unit development cost is $327,927, per the City Council meeting dated August 25, 2015.