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Committee forwards North of Market fee overhaul after debate over indexing and project feasibility
Summary
An ordinance to abolish the North of Market affordable housing fund and deposit the fees into the city's affordable housing fund was advanced; Amy Chan said staff would set the base fee at $5 per sq. ft. and index it to 2011, while project representatives warned indexing and a higher fee could threaten project feasibility.
The committee advanced an ordinance Jan. 27 to abolish the North of Market affordable housing fund and redirect fees into the citywide affordable housing fund, with the Mayor’s Office of Housing and Community Development proposing a $5 per-square-foot base to be indexed back to 2011.
Amy Chan, of the Mayor’s Office of Housing and Community Development, told the committee that planning staff…
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