Tuesday, August 13, 2024
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The August 13 City Council meeting included an early council-level discussion of the Community Housing Overlay Zone (CHOZ) concept, which was simultaneously being reviewed through the Planning Commission process. The CHOZ, developed by Fieldstone Homes Vice President Jason Harris in collaboration with Councilmembers Paul Hancock and Heather Newell, would allow residential developers to build at higher densities in exchange for selling homes at approximately 20 percent below prevailing market prices. Target prices would be agreed upon between the developer and the city before Council approval, with a 30-day exclusive purchase period reserved for critical workers, Lehi residents, and first-time homebuyers. The August 13 discussion was informational in nature, as the ordinance had not yet received a formal Planning Commission hearing or recommendation. The CHOZ proposal responded to a widely recognized affordability problem: rapid population growth fueled in part by the Silicon Slopes technology employment corridor had pushed Lehi's median home prices well above $500,000, placing homeownership out of reach for many teachers, first responders, and service workers. Equity restrictions during the first decade of ownership were designed to ensure homes remained affordable on resale rather than appreciating immediately to full market value.