Q&A
Discussion on affordability levels for residential buildings in the project
2:40:41
·
96 sec
Council Member Kevin Riley inquires about the specific breakdown of proposed affordability levels for the residential buildings in the project. Frank Monterisi from Related provides details on the AMI (Area Median Income) levels for the 880 units that have already started construction and discusses plans for future buildings.
- The breakdown includes units for formerly homeless individuals and various AMI levels ranging from 30% to 120%
- Future buildings will have similar affordability levels, but exact details will be determined in consultation with stakeholders
- The project includes multiple housing sites: the triangle site, the t site, and the northern site
Kevin Riley
2:40:41
Can you provide me with a more specific breakdown that proposed affordability levels for the residential buildings?
Frank Monterisi
2:40:50
So for the for we have the the breakdown on the 880 units that we've we've just started on.
2:40:56
That's the financing we closed in November for the future buildings.
2:41:00
We haven't yet set the affordability levels exact.
2:41:02
But what we basically said in our in our deal with EDC is that we will the affordability levels of the 1400 units will be similar to the 880.
2:41:12
But we wanna be responsive to, you know, concerns that come in the future and, you know, and sit down with the council member and and and other stakeholders.
2:41:19
And and and when we go into figuring out exactly what the AMI levels are in each building.
2:41:25
Because there's there's basically 3 in the phase 2, there's basically 3 housing sites.
2:41:31
There's the triangle site, the t site, and the northern site.
2:41:34
And so when we go to develop those, we'll we'll sit down and we'll and we'll you know, we drill down into the exact affordability levels just like just like we did last year when we when we closed on the financing for phase 1.
Kevin Riley
2:41:46
Okay.
2:41:46
Do you have the actual AMRs?
Frank Monterisi
2:41:48
Sure.
2:41:48
I have I yeah.
2:41:50
There you go.
2:41:51
So and and we're happy to to send these send a chart to you, but it's the the formally homeless ban was 15%, 7% at 30% of AMI.
2:42:04
11% at 40% of AMI, 7% at 60% of AMI, 12% at 80% of AMI, 38% and a 100% of AMI, and 9% and a 120% of AMI.
Kevin Riley
2:42:15
Okay.
2:42:16
Thank you.