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Council discusses ordinance change to bar sale of affordable-housing credits where developer received public subsidy
Summary
Councilors debated an amendment to the downtown zoning ordinance that would prevent developers who receive a payment-in-lieu-of-taxes (PILOT) or tax-increment financing from selling mandatory 'diverse-housing' credits to other downtown projects; the proposal is intended to close a perceived loophole and will be sent to Planning and Housing Commis
Council discussion focused on a proposed ordinance amendment (listed as proposed ordinance 15-46) to change how developers may transfer credits associated with the downtown "diverse housing" requirement in the zoning ordinance (section cited in the packet as roughly section 59-904).
Council Member Meadows introduced the item, saying the change was prompted by a Bailey Lot workforce-housing proposal and by a developer’s interest in buying credits rather than constructing affordable units in the downtown. Meadows proposed that the amendment bar the…
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