barry_abides t1_jaewaqj wrote
I read through this proposal, currently they're planning to designate 36 one-bedroom units (out of 364 total units) as affordable. Their current projected monthly rent for the affordable units is $1,243. This is likely subject to change based on the 60% area median income (AMI) threshold once it gets built. As written, the affordability would only last as long as the tax incentive (15 years). After that they would go up to market rate pricing.
edith-bunker t1_jaexl2m wrote
It’s a shit deal.
barry_abides t1_jaey09y wrote
Yes, if we had the inclusionary zoning policy in place already they would have to provide the same number of affordable units (or pay into the housing trust) and we wouldn't need to provide any tax incentives. Tell your city councilors to get inclusionary zoning on the books ASAP!
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