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City manager outlines past affordable-housing terms, says newer deals include longer affordability windows
Summary
City Manager Andrew Neal reviewed the city’s evolving affordable-housing commitments, saying earlier projects had shorter affordability periods while newer agreements require longer terms (up to 30 years) and that some projects have perpetual affordability due to special arrangements.
City Manager Andrew Neal summarized the city’s approach to affordable housing at the March 4 meeting, explaining how the city’s terms have changed since 2015 and answering council questions about compliance and enforceability.
Neal told the council that earlier arrangements (circa 2015) typically used a 15-year affordability period, the standard increased to 20 years in 2018, and the city’s 2022 policy requires a 30-year affordability period when…
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