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Developer subsidies, buy‑back guarantees and priority permitting: presenter outlines strategies to scale affordable housing
Summary
Joseph Dukes, founder of Palmetto Community Developers, outlined tools such as city land banking, developer subsidies, buy‑back guarantees and permitting priority that municipalities can use to de‑risk affordable housing projects and attract developers.
Joseph Dukes, founder and chief of Palmetto Community Developers, told the committee that scaling affordable housing requires municipal creativity to change the financial math for developers.
Dukes described a Florence project in which the city banked land and offered a $250,000 developer subsidy that helped produce roughly 10 homes. The city also agreed to a one‑year buy‑back guarantee for unsold units, which Dukes said gave lenders and…
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