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Developer pledges 14 affordable studio units in Chauncey Annex rezone; council seeks details
Summary
Outside counsel said the Chauncey Annex rezone will include at least 14 studio units designated affordable (≤80% AMI, 2025 AMI = $50,750), with an MOU to define selection and lease terms; councilors asked about application processes, student eligibility and whether increasing the share to 10% would affect project economics.
At a Oct. 30 pre-council meeting, petitioner representatives previewed the Chauncey Annex rezone and told councilors they plan to include at least 14 affordable studio units as a public-benefit commitment if the rezoning is approved.
Kevin Riley of RTS Law, who represents the petitioner, said the commitment is for a minimum of 14 studio units and that the ordinance defines "affordable" as households earning less than or equal to 80% of area median income (AMI); staff stated the 2025…
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