CVRHP Albemarle County Affordable Housing Development Incentives Work Session by Ian Baxter https://padlet.com/ibaxter2/mh2mvl73yu65yw0n en-us 2023-07-10 14:59:54 UTC 2023-07-12 20:21:37 UTC hello@padlet.com https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643006378 Thanks all particularly Ian for all your hard work to make this a reality!! ]]> 2023-07-12 00:33:16 UTC https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643006378 https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643007642 Thanks all particularly Ian for all your hard work to make this a reality!! ]]> 2023-07-12 00:34:27 UTC https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643007642 Top Asks: https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643704315 1. Real Estate abatement for the length of time the affordable units are in service.
2. Tap fee credit for identified affordable units.
3. Payment by the county to the developer for the difference between the market rent and the rent being set on the affordable units.  Almost like a county sponsored voucher program.
 
The County probably has the most flexibility on options 1 and 2.
 
Bonus density typically does not help.  The site development cost and lost per unit does not offset the NOI per unit impairment thereby lowering yield on cost. 

]]> 2023-07-12 17:41:54 UTC https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643704315 I'm with Neil on this one. ACSA rates are what they are. Tax money should subsidize affordability not water users. https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643710071 2023-07-12 17:56:47 UTC https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643710071 County objectives for affordability, what are the county’s objectives? Can we tie results to policy and funding? https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643719752 Results tied to policy and process choices…
County identifies an objective in number of units.
As results come in, there are policies in place that ramp up investments in entitlement, financial support, etc.
Market forces can and will respond, but what are the county’s objectives and what kind of sliding scale of investments is the county willing to spend to get the results they want?]]> 2023-07-12 18:26:32 UTC https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643719752 https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643721655 Will increasing the "5%" growth area help or Land Banks ]]> 2023-07-12 18:30:30 UTC https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643721655 https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643738689 A robustly funded Affordable Housing Trust Fund is an important incentive, both to provide gap funding to developers and to provide accountability on compliance. Vikki Bravo, IMPACT]]> 2023-07-12 19:20:26 UTC https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643738689 Housing Albemarle has the objectives https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643759082 https://www.albemarle.org/government/community-development/learn-more-about/housing/housing-albemarle]]> 2023-07-12 20:20:47 UTC https://padlet.com/ibaxter2/mh2mvl73yu65yw0n/wish/2643759082