PRESENTATION
Request for workforce housing option approval
0:14:15
·
51 sec
Due to the density reduction by the City Planning Commission, the developer is now requesting the City Council to approve the rezoning with the workforce housing option instead of the originally proposed MIH Option 1. This change is presented as necessary for project viability.
- 30% of units (approximately 106) would be permanently income-restricted for low and middle-income families
- Units would be available to workers building, operating, and investing their pension funds in the project
- The workforce housing option is presented as the only viable option due to the 25% density reduction
- Emphasizes that even well-intentioned projects cannot be built if they cannot be financed
David Rosenberg
0:14:15
While we had initially proposed mapping MIH option 1, we are now asking the council to approve the rezoning with the workforce housing option.
0:14:24
This option would ensure that 30 percent of the units, approximately 106 and all, would be permanently income restricted for low and middle income families.
0:14:33
It would also ensure that these units would be available to the hardworking people who are building, operating, and investing their pension funds in this project.
0:14:43
We initially proposed MIT option 1 because we felt it struck the right balance between much needed low income housing, as well as a strong workforce housing component.
0:14:53
However, as a result of city planning's decision to reduce the density by 25%, the project is simply not viable with anything but the workforce housing option.
0:15:02
Even the most well intentioned project will not be built if it cannot be financed.
