PRESENTATION
Affordability and housing mix
0:53:05
·
148 sec
Benjamin Rubenstein explains the project's approach to affordability, detailing the mix of units across the three buildings. He highlights how the proposal exceeds the minimum affordability requirements.
- 63% of total units (new and existing) will be affordable at a blended 68% AMI
- 162 new affordable units and 125 preserved affordable units
- Significant increase in very low-income units compared to initial MIH Option 1 proposal
Benjamin Rubenstein
0:53:05
Thank you, Paul.
0:53:06
So we can go to the next slide.
0:53:09
So as Paul mentioned and Richard mentioned that the site is quite challenging to build on even in as of right conditions, and this kinda peels the skin off the building to show these large structural trusses that add both costs and complexity to getting something built here in the next slide.
0:53:28
So to achieve our goals of building a lot housing on-site and providing meaningful affordability, we had to take a holistic approach to the site looking at all three buildings combined to be able to do so.
0:53:44
So we have a mixed income 10th Street building on the left there.
0:53:49
The existing building, which will undergo an article 11, be fully income restricted again.
0:53:56
And the Ninth Street building must be a 100% affordable for low very low income seniors and families.
0:54:01
Excellent.
0:54:03
So where we started 4 years ago, was with NIH option 1 mirroring what had been previously approved in the Golanis rezoning.
0:54:13
That would have resulted in 25 percent of the new units were 76 total units being affordable.
0:54:20
But 4 years later, 3 council members and and many many community conversations with with stakeholders like 5th Avenue Committee, existing residents, Heights And Hills, and so forth.
0:54:32
We've come up with a proposal that inclusive of new and existing units on the site 63% of them will be affordable at a blended 68 percent AMI.
0:54:43
162 of them or half of the new units will be affordable and an additional 125 preserved.
0:54:51
Next slide, please.
0:54:53
And we also want to highlight the depth of affordability, the deeper blue, the deeper the affordability.
0:54:59
Again, having 30 units at that deep affordability level with our starting point with just mapping NIH option 1 to having over to having 179 units being in that very low income level.
0:55:12
Next slide, please.
0:55:14
And again, these three buildings work together to create inclusive and extensive, a comprehensive way of utilizing NIH tools and affordable housing tools to really exceed what would otherwise be required with just a simple mapping of MAH option 1.
0:55:31
With that, I'll pass it over to Karen.