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Supervisor proposes using in-lieu inclusionary fees to buy rental units to preserve long-term affordability
Summary
A supervisor told the Planning Commission he wants 10% of inclusionary in-lieu fees, up to $15 million, set aside over time to allow city partners to buy and preserve privately owned rental units — including foreclosures — as permanently affordable housing. Commissioners raised questions about administration and scope.
Supervisor Chris Dailey introduced legislation at the Planning Commission on Feb. 12 that would direct up to 10 percent of inclusionary in-lieu fees into a fund that could grow to $15,000,000 for use in acquiring rental housing to keep units affordable over time. "This legislation is really just a financing scheme to allow for up to $15,000,000 into a kitty at a clip of 10% of the in-lieu fees," he said, describing the fund as a way to buy small scattered-site rental units, vacant units or foreclosures and retain them as affordable.
The proposal would broaden who could hold…
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