QUESTION
What is the extent of permanent affordability under the proposed Mandatory Inclusionary Housing (MIH) mapping?
0:28:23
·
67 sec
All units under the proposed Mandatory Inclusionary Housing (MIH) mapping will be permanently affordable to individuals 62 years or older, earning 60% of AMI or less.
- Frank Lang, Deputy Executive Director for Housing, initially states 10% of units would be permanently affordable, which is later clarified.
- Judith Gallent, Land Use Attorney, explains that all units are affordable to heirs, with age and income requirements.
- Lang emphasizes that all units are made permanently affordable through refinancing efforts.
- Gallent clarifies that MIH mapping is for redevelopment scenarios, and Ares' own affordability requirements apply in perpetuity.
Kevin C. Riley
0:28:23
How many units will be permanently affordable under the proposed MIH mapping?
Frank Lang
0:28:30
Parliament?
0:28:31
Well, I think it would be 10%.
0:28:33
Right?
Judith Gallent
0:28:38
All of the units would be affordable their heirs units.
0:28:41
So to be heirs, they have to be available to those who are sixty two years of age or more and earning 60% of AMI maximum, and all of the units will be available at that income level.
Frank Lang
0:28:54
We just chairs who understand we, all of our units are permanently affordable even if they're not required to be.
0:29:04
And we've done refinancing and done that to make sure all of them stay that way.
Judith Gallent
0:29:12
And if I could just clarify, NIH is being mapped in the event that this project is destroyed by a casualty or something and it were redeveloped, then NIH would kick in.
0:29:21
But because there are errors, the NIH options don't actually apply.
0:29:25
Ares has its own affordability requirements in in perpetuity.
Kevin C. Riley
0:29:29
Thank you.