At the November 13th Council meeting, it was decided to continue the rental-housing impact fee discussion to December 11th, so both commerical and rental-housing development sources could be considered at the same time.
Suggested talking points: CSP members could let councilmembers know that the rental housing fee should be at least equalivalent to 4.6%, as this is the cost to the developer to build 10% of the units of the project on site as Below Market Rate (BMR) housing affordable to those at 65% Area Median Income (AMI).
An ordinance we’ve had for many years specifies 10% BMR units in rental housing developments. If a fee equivalent to less than 4.6% is passed, it will not encourage developers to "build on-site affordable units" in their developments rather than paying the fee, aside from being equivalent to less than 10% BMR units.
If the commercial linkage fee passes (which is anticipated), these fees could be used to bring the rents of the BMR's down to a 50% level, for example, which is where the greatest need is.
Note: This is one of several agenda items. This item will be covered sometime between 6:30 and 8:30pm.
Details on City web site:
http://laserfiche.mountainview.gov/WebLink/Browse.aspx?startid=35382&&dbid=0
Suggested talking points: CSP members could let councilmembers know that the rental housing fee should be at least equalivalent to 4.6%, as this is the cost to the developer to build 10% of the units of the project on site as Below Market Rate (BMR) housing affordable to those at 65% Area Median Income (AMI).
An ordinance we’ve had for many years specifies 10% BMR units in rental housing developments. If a fee equivalent to less than 4.6% is passed, it will not encourage developers to "build on-site affordable units" in their developments rather than paying the fee, aside from being equivalent to less than 10% BMR units.
If the commercial linkage fee passes (which is anticipated), these fees could be used to bring the rents of the BMR's down to a 50% level, for example, which is where the greatest need is.
Note: This is one of several agenda items. This item will be covered sometime between 6:30 and 8:30pm.
Details on City web site:
http://laserfiche.mountainview.gov/WebLink/Browse.aspx?startid=35382&&dbid=0
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