Loading...
HomeMy WebLinkAboutordinance.council.038-01 ORDINANCE NO. 38 (Series of 2001) AN ORDINANCE ADOPTING THE 2001 AFFORDABLE HOUSING GUIDELINES AS RECOMMENDED BY THE ASPEN/PITKIN COUNTY HOUSING AUTHORITY WltEREAS, pursuant to the Municipal Code of the City of Aspen, as amended, the Housing Income, Eligibility Guidelines and Housing Price Guidelines are to be established by the City Council; and WHEREAS, pursuant to prior resolutions and ordinances of the City, the City Council established Employee Housing Income-Eligibility Guidelines and Housing Price Guidelines for prior years; and WHEREAS, the 2001 Affordable Housing Guidelines ("Guidelines) recommended by the Board of Directors of the Housing Office of the City of Aspen and Pitkin County, a copy of which is annexed hereto and incorporated herein, has been submitted to City Council which Guidelines set forth the 2001 Housing Office qualification guidelines for Category I, 2, 3, 4 and Resident Occupied (RO) ownership, rental housing projects, lodge and commercial development, and development of residential housing units; and WltEREAS, the City Council desires to adopt said Guidelines, and by virtue of the enactment of this Ordinance to supersede and amend all prior resolutions and ordinances of the City pertaining to housing guidelines, but only to the extent inconsistent with the provisions of this Ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COIJNCIL OF THE CITY OF ASPEN, COLORADO: Section 1 That the City Council of the City of Aspen hereby adopts the 2001 Affordable Housing Guidehnes, as recommended by the Board of Directors of the AsperiPitkin County Housing Office, a copy of which is annexed hereto and incorporated herein. Section 2 That the regulations and guidelines set forth and adopted herein shall supersede to the extent inconsistent with the provisions of this Ordinance, all prior resolutions and ordinances of the City of Aspen; provided further that the provisions of resolutions and ordinances pertaining to employee housing guidelines shall remain in full force and effect to the extent not inconsistent with the regulations and guidelines adopted herein. Section 3 If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not affect the validity of the remaining portions thereof. Section 4 Nothing in this Ordinance shall be construed to affect any right, duty or liability under any ordinance in effect prior to the effective date of this Ordinance, and the same shall be continued and concluded under such prior ordinances. Section 5 A public hearing on the Ordinance shall be held on the 9~ day of October, 2001, in the City Council Chambers, City Hall, Aspen, Colorado. INTRODUCED, READ~ AND ORDERED PUBLISHED as provided by law by the City CounciloftheCityofAspenonthel0~dayofSeptember, 2001,t· ~ _ J__ FINALLY adopted, passed and approved tlfis~ ATTEST: Kgthi3m'S.: K~, City Clerk' 3 BOARD RECOMMENDATIONS ON THE RENTAL PORTION OF THE GUIDELINES: Page 5: Maximum Income allowed for Rental Unit~. Staff is recommending that the rental income be increased by the Consumer Price Index. RECOMMENDATION: Staff would recommend this increase. A major change in rental income was reviewed and studied last year. Two professional adults income was taken into consideration and changed dramatically from 1999. BOARD RECOMMENDATION: The Board agreed with this increase. Page 5: Definition Of an Emplo.¥ee. Paragraph I relates to the definition of an employee. The definition is not totally clear in that it relates to who is eligible to rent and reside in employee housing. The paragraph does not relate to who should be counted for a bedroom. RECOMMENDATION: Staff is recommending clarification of who is eligible to rent and res/de in employee. The "Minimum Occupancy" will be further defined in the Definition section of the Guidelines. Staff is recommending that in order to rent a two bedroom unit, that if the household contains two adults only that both adults should be working in Pitkin County. BOARD RECOMMENDATION: The Board agreed with staff's recommendation that to be eligible for a two or three-bedroom unit, in a two-adult household where no dependents are involved, both adults shall be working in Pitkin County. Page 6: Non-Compliance of Restriction: No. 7, language has been added that was recommended by the Board that would not allow someone to move into a unit or stay in a unit if that household is under review for a possible non-compliance issue. RECOMMENDATION: This language covers that loophole. This is also added under the Sales section. BOARD RECOMMENDATION: The Board agreed with this language. Page 7: ,4bili~. to make it more flexible for an Employer to house one of their Employee'~ A new paragraph has been added that would enable an employer to more readily place an employee of his/her own choice into a unit that is owned by that specific employer. This has also been a concern from the employer employee group that has been meeting on a regular basis. RECOMMENDATION: Staff would recommend that if an employer controls a specific deed-restricted unit, that the employer has the ability to place an employee of his/her choice, even though the income and/or assets may exceed that specific category unit. Staff would recommend against adjusting the amount of rent to match that employee's income. The reasoning for this is that an employer may ALWAYS decide to put a higher paid employee in the unit to get a higher rent. By leaving the rent the same, it is not an incentive and the only reason the employer is putting that person in the unit is because of the employer's need. BOARD RECOMMENDATION: The Board agreed with this recommendation as long as the units were not used for mitigation unless the units are attached to the employer's business. Page 7: FlexibiliO? to extend rental period for tenants over income It has been the policy of the Board and the Housing Program to be sympathetic to tenants who may fall out of compliance due to an increase in their income. In order for a tenant to readdress their housing situation, a certain period of time is allotted them. RECOMMENDATION: Staff is requesting that language be added regarding the policy that is being followed. The language is stated as number 3. BOARD RECOMMENDATION: The Board agreed with staff's recommendation and also requested an addition to allow a tenant an additional year if that tenant has been bidding on units and/or tr34ng to fred another unit that fit that household's income and assets. 2 BOARD RECOMMENDATIONS ON THE SALES PORTION OF THE GUIDELINES: Page 11: Maximum Income to Buy: Staff is recommending that thc sales income bc increased by the Consumer Price Index. RECOMMENDATION: Staff would recommend this inereasc only. There was no change to the sales income last year due to the housing survey. Staff feels that an increase by the CPI shunld be approved for 2001. BOARD RECOMMENDATION: The Board rccommanded approval. Page 11: Definition ~?f an Emplovee: Paragraph I relates to the definition of an employee, which is identical to the rental definition. The definition is not totally clear in that it relates to who is eligible to purchase and reside in employee housing. The paragraph does not relate to who should be counted for a bedroom. Be a fuil-time employee working in Pitkin County; or a retired person (see Defini~ons) who has been a full-time employee in Pitkin County a minimum of four years immediately prior to retirement as defined in the Guidelines; or a disabled person residing in Pitkin County who has been a full-time employee in Pitkin County a m. in/mm of two years immediately prior to their disability (as defined in the Definitions); or in the event of the qualified employee's death, the spouse of any such employee, retired person, or disabled person or a dependent living with that qualified employee, ret/red person or disabled person. In a two-person household of two adults (no dependents as defined in the Guidelines), both adults must be working in Pitkin County to qualify in the top priority for an additional bedroom. RECOMMENDATION: Staff is recommending clarification of who is eligible to be counted in the top priority for a bedroom. The "Minimum Occupancy" wilt be further defined in the Definition section of the Guidelines. Staff is, again, recommending for a two-bedroom un/t, that if the household contains two adults only, with no dependents, that both adults should be working in Pitkin County. This still allows a couple where only one adult is working in Pitkin County to bid on studios and one-bedroom units. BOARD RECOMMENDATION: The Board approved Staff's recommendation. Page 12: Non-compliance issue: Staff has a concern that if someone is under review for a possible non- compliance issue that the household can still bid on units. Page 14 addresses that problem. NOTE: Any individual or household who is under review for a possible non-eourpliance issue may not enter any new lotteries until the non--compliance issue has been resolved. RECOMMENDATION: This language states that any individual or household is under review for a possible non-compliance issue may not enter any new lotteries until the no~compliance issue has been satisfied. BOARD RECOMMENDATION: The Board alyproved Staff's recommendation. Page 14: Maximum Income to Purchase New RO Units: No. 3, Additional Requirements to purchase RO units, the amount allowed to qualify is $600~000. All of the other incomes have been increased by the CPI. a. Gross income and net assets are limited. The mount allowed is that which permits a household to qualify for a $621,I00 purchase as follows: i) when all net assets are to be counted as a down payment; and ii) 28% of gross income is available to finance the remainder of the purchase price at an 8% interest rate amortized over 30 years. 3 RECOMMENDATION: Staff is recommending an increase in this mount by the CPI. This is in accordance with all of the other income increases. BOARD RECOMMENDATION: The Board recommended to approve the increase by CPI, but directed Staff to come back at a later date with a work program to obtain information to further readdress if an accurate purchasing power is being used, along with the maximum sales price for RO. Page 15: Enforcement/Requaliflcation.for Ownership Units. Every two years, a tenant in a deed-restr/cted rental unit must requalify. Currently, enforcement on sales units is done strictly on a complaint basis. Some of these complaints have not been valid and occur because ora conflict between two people. There are also times when someone has told the Staff that they know of someone out of compliance, but will not provide names. A change in policy may rectify this situation. Staff recommends completing the initial requalification within the next two years. If anumber of units were out of compliance, Staff would develop an ongoing requalification policy for ownership units. RECOM2VIENDATION: Staffis recommended the following policy change: SECTION 5, REQUALIFICATION FOR OWNERSHIP OF AFFORDABLE HOUSING 1. All qualification items under Part HI, Section 1, 1-5 shall apply to continue ownership. 2. Roommates are permitted under the Guidelines. All residents must be qualified through the Housing Office pr/or to occupancy. 3. The Housing Office will be doing a random audit on all the ownership units as to employment and owning other property within the Roaring Fork Valley. This is to ensure that all owners continue to meet the Requirements of the Guidelines. Housing Office Responsibilities: a. The Housing Office shall endeavor to requalify each Owner witl'fm the next two years. b. The Housing Office shall randomly pick the owners, over this two-year per/od of time, to provide documentation to the Housing Office showing employment history and that they do not own other property within the Roaring Fork Valley. c. The Housing Office shall mail a letter and a form to be completed by the Owner requesting employment information and income tax returns. d. There will be a $15 fee for this requalification. e. Once the documentation has been received, the Housing Office will review each file for compliance. f. Should the Owner be out of compliance, a second letter will be sent to the Owner requesting that the Owner list their unit as stated in their Deed Restriction. g. Should the Owner contest the deed restriction, if the Court finds for the Housing Authority, all legal fees will be paid by said Owner. Owner's Responsibilities: a. Once the Owner receives the letter and forms from the Housing Office, the Owner will provide to the Housing Office by the deadline date stated in the letter the completed form and a copy of their most recent income tax return. b. If the Owner does not submit the information or contacted the Housing Office in the time allotted, the appreciation for their unit will be suspended. Should the Owner be found out of compliance, the Owner will list the unit with the Housing Office as stated in their deed restriction. c. There are life circumstances that may be beyond the control of the Owner. The Owner has the opportunity to request a Special Review. Some examples include, but are not limited to, a death or illness in the ,family, an accident requiring the inability for the owner to work, a single parent who is unable to work full-time, etc. BOARD RECOMMENDATION: The Board recommended the above language be added to the Guidelines. If approved by the BOCC and City Council, staff will distribute a letter to all homeowners as to what their responsibilities will be when they are asked to comply. Page 16: Transferring Ownership Units to Famil~. The Board recognizes the need to keep families in the valley. The Board approved the transfer of a unit to a sibling, which is currently not allowed in the Guidelines. The language on this page allows for a transfer to a sibling, but only if that sibling falls under all requir*ments for that unit; i.e., income, assets, occupancy and at least four years work history. C. Qualified spouses and/or children of current owners, inchiding joint custody of the children, and/or qualified parent(s) meeting mum occupancy. A transfer between siblings is permitted; however, any person who is gaining ownership by a ttansfer between a family member (as defined in these Guidelines) must qualify fully under that specific category. For example, if the unit is a Category 3 uuit~ the sibling must qualify as a fully qualified Category 3 person with a work history of at least the last four years. (Transfer within immediate family to a qualified buyer requires a $100 fee, and must be approved by the Housing Office prior to the transfer.) RECOMMENDATION: Staff is requesting that the language stated in Paragraph C, above, be added. BOARD RECOMMENDATION: The Board approved Staff's recommendation. Page 20: Clarification on how Lotteries are Handlett When lotteries are done, if an in-complex bid is received, the lottery is not held for the other households. This is the policy that is followed by the direction from the Board over a year ago, but was not incorporated into the Guidelines. The lottery is held the Monday after the listing period has ended, unless otherwise specified. Should there be an in-complex bid, the lottery shall not be held. If there is more than one in-house bid, a lottery shall be held for those in-complex households only. Should all in-house people decline the unit or not get financing? the lottery shall be held for the households who entered the lottery prior to the deadline. RECOMMENDATION: Staff is requesting that the language stated above be added to the Guidelines. BOARD RECOMMENDATION: The Board approved Staff's recommendation. Page 21: Requirement o£ Sellers to Provide a Clean~ Maintained Unit Prior to Selling There has been some concern in the community that since there is such a demand for affordable housing thata winner will take the unit as is. Staff wants any new buyer to get a unit that is in decent shape, with all apphances working and the unit clean and in good working order. Language is added to not only the Listing Contract, but also the Sales Contract that the Seller has to agree to prior to closing. An inspection form will be provided to the Seller at the time of 1/sting. This will be reviewed with the Sales Manager. It is required that the Seller shall provide the Buyer with a clearh working unit upon delivery of deed. All holes in the walls shall be filled, carpets steam cleaned, all damaged windows shall be repaired, all appliances shall be in working order and all plumbing in working order. A final inspection of the unit will be conducted by the Buyer on the day of closing. If the unit is not left in satisfactory condition at the sole discretion of the APCHA, monetary compensation shall be held at closing from the Seller's proceeds until the repairs and/or cleaning are completed. The repairs and/or cleanin?, shall be paid with these funds. Any monies left over shall then be distributed to the Seller. RECOMMENDATION: Staff recommends adding tins language into the Guidelines so that there is no question that the Seller must comply with regarding ins/her unit. Inspections are also a part of the Contract where an inspection is scheduled on the same day of closing so that if there has been something that has not been done, monetary compensation can be held in an escrow account until the item iscompleted. BOARD RECOMMENDATION: The Board approved Staffs recommendation. Page 25: Rental of Ownership Unit. No. 4 states that when an owner is allowed to rent their unit out for a specific period of time, they can only do so at a rent that is equal to their costs, plus an additional $20, or the maximum rent stated in Table IV of the Guidelines for their specific type unit, whichever is greater. The concern has been that an owner should not make a profit when renting their unit out. Is $20 enough or mt enough? RECOMMENDATION: Staffwould recommend an increase from $20 to $50. The language in this section allows the owner to use their costs or the rental rate stated in the Guidelines, whichever is greater. Therefore, the increase should be enough to cover any inconvenience, but still not make it profitable where an owner will think twice before requesting a leave. BOARD RECOMMENDATION: The Board approved Staffs recommendation. Page 26: Leave of Absence Requirements: An owner is allowed to request a Leave of Absence for up to two years for a bona fide reason. There has been no clarification as to what a "bona fide" reason may be. No. 8 has been added to include some reasons that have been approved. Bona fide reasons for a leave of absence shall be 1/mited to: an illness or death in the family, educational purposes, iob enhancement~ ~avel, exploring relocation options. Should the owner be denied the Leave of Absence, the Owner may request a Special Review: RECOM34ENDATION: Staff would like the Board to direct them as to whether the ones listed are bona fide reasons for a leave of absence. They include an illness or death in the family, educational purposes, job enhancement, exploring relocation options and some time to travel. Are these acceptable to the Board and/or should others be allowed by Special Review? BOARD RECOMMENDATION: The Board approved Staff's recommendation. DEVELOPMENT OF AFFORDABLE HOUSING; Page 28; Priorities to Develop Affordable tlousin~. Section 1 under Part VII states the unit type priorities for development. They are as follows: i. Entry-level sales units (studio and 1-bedroom Categories 1, 2 and lower priced Category 3) ii. Family-oriented sales units (Categories 3 and 4) The changes below are the ones agreed upon by the Housing Board. The private sector priorities for development should be as follows: i. For-sale type units whereby the average sales price is no higher than Category 3 and the units consist of one-bedroom and two-bedroom units, with associated RO units ii. Family-oriented sales units (Categories 3 and 4) The public sector priorities for development should be as follows: i. Entry-level rental units consisting of 1-bedroom Categories 1 and 2 ii. For-sale units consisting of Categories 2 and 3 I-bedroom iii. Family-oriented sales units consisting of Categories 3 and 4 Page 33: Initial Sales Price for RO Unitr. Should the initial sales price of Resident Occupied Units be increased per the CPI? RECOMMENDATION: Staffrecommends that the initial sales price for a newly deed restricted RO unit be increased by CPI. This would allow a new RO unit (including the lot) to begin at $465,800. BOARD RECOMMENDATION: The Board approved Staff's recommendation, but directed Staff to come back to the Board at a later date with a work program to obtain information to further address this maximum RO sales price. Page 32: Reviewing Documents for Private Affordable Housing Pro]ectg. Paragraph B under Section 5 of Part VII deals with reviewing documents. RECOMMENDATION: Staff is recommending that the underlined portion be added. In any mixed project that contains an affordable housing and a free market component, as a condition of eondominiumi~ation or subdivision rights, voting rights and fees will need to be determined and agreed to by the APCHA. The Declaration of Covenants must require one vote per unit, and handling of the homeowners' association dues and the types of improvements the affordable housing component will be responsible to pay. Homeowners' dues can be based on a sliding scale based on the square footage of the unit, the number of bedrooms, the cost of the home, or one fee across the board. This will be deemed upon at the time of final approval for the development and incorporated into the Declaration of Covenants. Ail projects that involve an affordable housing component shall provide all documents to the Housing Office for review and approvtd. BOARD RECOMMENDATION: The Board approved this addition. Page 33: RO Maximum Sales Price and lneome/Asset Limitations: Section 7 under Part VII deals with the RO maximum sales price and the purchasing power. This will be adjusted according to the discussion of#3 above. BOARD RECOMMENDATION: The Board recommended to approve the increase by CPI, but directed Staff to come back at a later date with a work program to obtain information to further readdress if an accurate purchasing power is being used, along with the maximum sales price for RO. Page 36: Maximum Sales for Newly Developed Ownership Units' Section 9 deals with the maximum unit sales prices for newly deed-restricted units. RECOMMENDATION: Staff is recommending that the prices be increased by CPI (3.5%). Staffhas included information on free market units that have sold within 7 the last six months. Staff has also included a list of units that are currently for sale and a list of some of the current deed-restricted units and their current selling price to get some idea as to where the current inventory is in sales prices. TABLE m - MAXIMUM UNIT SALES PRICES Unit Type Category 1 Category 2 Category 3 Category 4 Studio $31,400 $71,200 $i t8,000 $199,900 1 Bedroom $39,300 $84,600 $130,300 $211,100 2 Bedroom $47,300 $96,800 $142,500 $224,400 3 Bedroom $54,800 $108,000 $154,200 $236,600 SF Detached $67,000 $I24,900 $170,200 $244,600 SF Lot ($73;400) ($22,400) $ 1 $30,500 BOARD RECOMi~IENDATION: The Board readdressed the sales prices and recommended the following sales prices: TABLE 11I - MAXIMIJM UNIT SALES PRICES Unit Type Category 1 Category 2 Category 3 Category 4 Studio $31,400 $71,200 $118,000 $199,900 1 Bedroom $39,300 $84,600 $135,800 $222,000 2 Bedroom $47,300 $104,700 $160,500 $246,800 3 Bedroom $54,800 $128,600 $185,200 $271,500 SF Detached $67,000 $152,400 $209,900 $296,200 SF Lot ($73,400) ($22,400) $ 1 $30,500 This relates to about a 20 to 25% increase from the original sales prices. Page 37: Maximum Rental Rates [or New Rental Unitg Section 10 deals with the maximum rental rotes for newly deed-restricted units. RECOMMENDATION: Staffis recommending that the rents increase by CPI only. Staff is also recommending that a maximum rental amount be established for RO units. The Board discussed this briefly at the last meeting and recommended approval of the increase in rents by CPI. Staffhas provided a recommended rental rate for RO. This is based on assuming a 20% to 60% increase in the Category 4 income cap and a 17% rent to mortgage ratio. This is the same rent to mortgage ratio for Category 4 rentals. A chart showing rental rotes from 17% to 25% of income is attached. 8 TABLE IV MAXIMUM MONTI4I~Y RENT Unit Type Cat. 1 Cat. 2 Cat. 3 Cat. 4 RO Studio $377 $668 $998 $1,570 $1,865 1 Bedroom 463 785 1,114 1,699 2,158 2 Bedroom 550 901 1,231 1,816 2,473 3 Bedroom 638 1,010 1,350 1,934 2,650 SF Detached 726 1,137 1,465 1,992 2,997 Please note that the $2,997/month rate for an RO single-family detached home would be approximately 25% of a household earning $140,000 annually. Also note that free market rates appear to be slightly above the proposed RO rental rotes. BOARD RECOMMENDATION: The Board approved staffs recommendation. Page 39: Payment-in-Lieu Fee: Section 12 relates to the payment-in-lieu fee. If using last year's methodology of using one payment-in-lieu fee, the increase would be from $104,757.89 per FTE to $1 I8,086.80 per FTE, or $34.92 per square foot to $39.36 per square foot. Pr/or to last year, this fee related to a subsidy by a specific category. In 1999, the following was in force: Category 1 $147,000 Category 2 $134,000 Category 3 $122,000 Category 4 $101,000 The 2000 Guidelines only had one payment-in-lien in effect -- $104,757.89, or $34.92/sq. ft. The 1999 Guidelines required a payment of $42.67/sq. ft. RECOMMENDATION: Staff is recommending that the category-specific method again be used to calculate payment-in-heu and add the Payment-in-Lieu Table back into the Guidelines. The fee equals the category subsidy based on square footage costs. Charts detailing the calculations for the payment-in-lieu fee are attached. Below is the recommended payment-in-lieu table. Category I $225,493 Category 2 $178,013 Category 3 $188,664 Category 4 $111,124 The fee required for the construction of an exempt single-family home or duplex unit shall be calculated as follows: Average of the Category 2 and Category 3 payment-in-lieu fee as stated in the Table above, divided by 3,000 square feet X the next increase in FAR of the new structure will equal the payment-in-lieu payment for replacement structures. The formula assumes that for every 3,000 square feet of new single-family or duplex floor area, the public will be required to provide housing for one moderate income employee. Currently, that amount is $178,013 + 188,664~2 -~ 3,000 = $61.11 per square foot of new structure. BOARD RECOMMENDATION: l'he Board approved this change in the payment-in-lieu structure. BOARD RECOMMENDATIONS ON THE DEFINITIONS PORTION OF THE GUIDELINES: Page 46- 50: Dependent - A minor child (18 years or younger) or other relative of the renter or owner of an affordable housing unit, which child or relative is taken and listed as a dependent for federal income tax purposes by such renter or owner or his or her present or former spouse (said dependent must also be related by blood or adoption and residing with the individual at least 180 out of every 12-munth period of time). STAFF RECOMMENDATION: This was changed from last year and continues to be questioned by the Board and staff. Staff feels that the previous requirement of at least 183 days custody was a better utilization of the scarce affordable housing resource. BOARD RECOMMENDATION: The Board recommended that in the case of families with children, and where the spouses have divorced, only one parent can use each child to obtain a bedroom in an affordable housing unit. Should both parents use the children for the same lottery, then the parent who is the top winner will only be allowed to purchase in that lottery. The other parent will be eligible for any two-bedroom unit, as long as that parent has partial custody of the child(ren). Should the household have more than two children, the parent can ask for a Special Review to purchase a unit that has more than two bedrooms. Family - For purposes of transferring property, only, a family (or immediate family) is defined as husband, wife, mother, father, brother, sister, soni daughter, either biologically or by legal adoption. Any transfer to a family member must fall under this definition. STAFF RECOMMENDATION: At the recommendation of legal counsel, Staff would recommend that this be added. BOARD RECOMMENDATION: The Board approved Staff's recommendation. Gross Assets - Anything which has tangible or intang/ble value, including property of all kinds, both real and personal; includes among other thhngs, patents and causes of action which belong to any person, as well as any stock in a corporation and any interest in the estate of a decedent; also, the entire property of a person, association, corporation, or estate that is applicable or subject to the payment of debts. Gross assets shall include funds or property held in a living trust or any similar entity or interest, where the person has management rights or the ability to apply the assets to the payment of debts. Where approved by Special Review, gross assets shall not include, pension plans, blind trusts, or other entities or intcuests in which a person has no management rights and no ability to apply such assets to the payment of debts, except to the extent that taxable earnings or interest income are derived therefrom STAFF RECOMMENDATION: Staff is recommending that the underlined portion "where approved by special review" is deleted. In practice, Special Review has not been required. Staff has adjusted the gross assets to reflect a retirement or similar-type account. BOARD RECOMiVIENDATION: To delete the portion that is underlined. Minimum Oeeupaney- One person (with a leasehold/ownership interest) per bedroom. A minor child or dependent shall be granted equal status as a person with leasehold/ownership interest. In a two adult household, both adults must be working in Pitkin County in order to qualify for an additional bedroom STAFF RECOMMENDATION: Staff would recommend that the language underlined be added to this l0 definition to minimize misinterpretation of the occupancy requirements. BOARD RECOMMENDATION: Board approved Staff's recommendation.