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I. The establishment of a process by which local government considers, before adoption, policies, procedures, ordinances, regulations, or plan provisions that increase the cost of housing. Currently, Policy 1.7 of the Housing Element of the Comprehensive Plan requires that a financial impact statement be provided to appropriate advisory committees as well as to the Board of County Commissioners prior to the adoption of any new county regulation that may increase the cost of housing. Below is Policy 1.7 of the Housing Element of the Comprehensive Plan which details the adoption process for county regulations that may increase the cost of new housing. POLICY 1.7: As part of the adoption process for any county regulation which could affect housing development, county planning staff shall prepare a Financial Impact Statement to assess the anticipated impact of the proposed regulation on the cost of housing. When proposed regulatory activities are anticipated to increase the estimated cost per unit for the development of housing, the Financial Impact Statement shall include an estimated increased cost per unit projection. The financial impact statement then will be reviewed by the Planning and Zoning Commission, and, if possible, the Affordable Housing Advisory Committees Those groups shall consider the regulation's effect on housing cost in making their recommendation to the Board of County Commissioners. The Board of County Commissioners will consider the financial impact statement in making its final decision on the adoption of any proposed regulations. ANALYSIS: Since 1994, staff has prepared Financial Impact Statements for all proposed new regulations impacting housing costs. By providing Financial Impact Statements of proposed regulations to decision -makers before the adoption of those regulations, planning staff ensures that decision -makers consider the costs as well as the benefits of proposed new policies, ordinances, and regulations. While these Financial Impact Statements do not prevent the Board of County Commissioners from adopting new regulations, the statements do provide the Board with an additional tool to measure the effect of proposed regulations. RECOMMENDATION: The county's current process of providing Financial Impact Statements to the Board of County Commissioners prior to adoption of any new regulations, ordinances, policies, procedures, or plan provisions that may increase the cost of affordable housing should be maintained. BOARD OF COUNTY COMMISSIONERS ACTION: Board of County Commissioners Approval of the AHAC Recommendation Yes [V] No ❑ 56 23