Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Development topic
No spam. Unsubscribe anytime.
Developer offers 37 affordable "community units" and $10,000 relocation assistance as rezoning appeal heads to council
Summary
On an appeal of a Planning Commission denial for a CORE student housing project, developers offered a bill of assurance committing 37 community units at 50'80% regional AMI for 10 years, $10,000 relocation assistance per tenant signatory, a 90-day minimum notice and right-of-first-refusal for displaced tenants; staff will present a full package at next week's hearing.
Council received an updated bill of assurance and related agreements this week from project counsel and staff as an appeal of a Planning Commission denial comes before the council.
Jesse (project counsel) told the council that the applicant revised the bill of assurance after community feedback and has included a developer commitment to lease 37 "community units" at rents calculated at 50% to 80% of the regional area median income. The commitment would run for a 10-year period beginning with the certificate of occupancy and the city would conduct annual monitoring to confirm compliance, Jesse said. The proposed affordability levels were calculated using HUD's FY2025 regional AMI index, producing example rents of $891/month for a one-bedroom and $1,019/month for a two-bedroom at the 50% level.
Counsel also described a lease-termination agreement intended to reduce displacement harms to tenants occupying existing units on the site. Devin (project team) said the updated agreement now provides $10,000 in rent and relocation assistance "for each tenant signatory," a minimum 90-day notice before required vacancy, and a right-of-first-offer or refusal for eligible tenants to return to new community units if they meet income thresholds. Devin stressed that the offer is voluntary by the private developer and noted changes were provided shortly before the session; he said staff would circulate digital copies of the revised bill of assurance to council members immediately.
Council members pressed for details on the affordability term and indexation. Staff clarified that rents would be indexed to HUD regional AMI each year and that the developer included a 2% annual escalation if HUD indexing were to be discontinued. Members raised concerns about the 10-year affordability duration, noting that many affordable housing agreements run longer (30 years is a common expectation) and asking whether longer-term affordability had been discussed. Counsel said the 10-year period begins at certificate of occupancy and that some amendments could be forthcoming.
Several technical clarifications were provided in the session: staff said Beverly Manor currently includes 61 one-bedroom, 18 two-bedroom and one three-bedroom unit; two units are nonresidential uses. Counsel said the publicly circulated article earlier in the week showing 39 units included nonresidential unit counts and that the correct count for "community" units in the offer is 37. Counsel also said the developer'led affordability program would be achieved without direct local, state or federal subsidy.
The council will consider the rezoning appeal and the related bill-of-assurance materials next week; staff indicated a more detailed presentation from CORE Properties and full revised documents would be provided to councilmembers and the public before that meeting.
