(1) A proposal to create a regionally significant development zone that qualifies as a regionally significant transit-oriented development, as described in this section, shall demonstrate how the proposal addresses the following objectives: (a) higher utilization of public transit; (b) increasing availability of housing, including affordable housing; (c) promoting and encouraging development of owner-occupied housing; (d) improving efficiencies in parking and transportation, including walkability of communities near public transit facilities; (e) overcoming development impediments and market conditions that render a development cost prohibitive absent the proposal and incentives; (f) conserving water resources through efficient land use; (g) improving air quality by reducing fuel consumption and motor vehicle trips; (h) encouraging mixed-use development and investment in transportation and public transit infrastructure in strategic areas; (i) strategic land use and municipal planning in major transit investment corridors as described in Subsection 10-20-404(2); (j) increasing access to employment and educational opportunities; and (k) increasing access to child care. (2) To accomplish the objectives described in Subsection (1), a creating entity that proposes a regionally significant transit-oriented development as described in this section shall ensure that the proposal includes: (a) except as provided in Subsection (3), at least 12% of the proposed dwelling units within the zone are affordable housing units, with: (i) up to 9% of the proposed dwelling units occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the county median gross income for households of the same size; and (ii) at least 3% of the proposed dwelling units occupied or reserved for occupancy by households with a gross household income equal to or less than 60% of the county median gross income for households of the same size; and (b) except as provided in Subsection (4), at least 51% of the developable area within a zone be dedicated to residential uses and: (i) an average of at least 50 dwelling units per acre within the acreage of the zone dedicated to residential uses; (ii) mixed-use development within the zone; and (iii) a mix of dwelling units to ensure that at least 25% of the dwelling units have more than one bedroom. (3) (a) If the projects within a regionally significant transit-oriented development are developed in phases, a creating entity and agency shall ensure that each phase is developed to provide the required 12% of affordable housing units. (b) A creating entity may allow a regionally significant transit development to be phased and developed in a manner to provide more of the required affordable housing units in early phases of development. (c) A creating entity shall include in a proposal an affordable housing plan, which may include deed restrictions, to ensure the affordable housing required in the proposal will continue to meet the definition of affordable housing at least throughout the entire term of the zone. (d) If the creating entity meets the affordable housing guidelines of the United States Department of Housing and Urban Development at 60% area median income at the time the regionally significant transit-oriented development proposal is approved by the committee, the creating entity is exempt from the percentage requirements described in Subsection (2)(a). (4) For a regionally significant transit-oriented development proposed to be located at a public transit hub or a bus rapid transit station, the regionally significant transit-oriented development shall include: (a) at least 51% of the developable area within a zone as residential uses; and (b) an average of at least 50 dwelling units per acre within the acreage of the zone dedicated to residential uses.
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