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Developer seeks to cut Novi project’s required affordable units from 50% to 10%, ties compliance to HUD rents
Summary
Developer Denholtz proposes amending the Novi Economic Development Agreement to lower the share of units required as affordable from 50% to 10% while tying compliance and reporting to HUD rent standards; council pressed the developer for occupancy, verification procedures and a rent roll to substantiate claims of current compliance.
Warren Loy, senior vice president with Denholtz, told the Concord City Council at a Nov. 1 work session that the developer wants to amend the Novi Economic Development Agreement to clarify how affordable units are identified and reported and to tie the standard to HUD rents. “It does lower the amount, from 50% down to 10%, but it also clearly shows how we have to report what we have done, and it ties it explicitly to the tax grants that are part of the agreement,” Loy said.
Council members repeatedly pressed Loy and staff for specifics about unit counts and occupancy. When asked, staff and the developer said…
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