Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Policy Tools topic
No spam. Unsubscribe anytime.
HRDC presenter reviews deed restrictions, ground leases and partner development
Summary
HRDC consultant Rick Simpkins walked the council through housing tools — affordability standards, community land trusts, deed restrictions, ground leases and LIHTC financing — and explained the tradeoffs between town control and investment risk.
At the work session, HRDC's Rick Simpkins reviewed several tools the council could use to preserve affordability on the town’s 80‑acre parcel, describing the control‑investment tradeoff between selling lots with deed restrictions, retaining ownership via ground leases, and issuing an RFP to a development partner.
Simpkins defined affordability metrics and funding context: "When we talk about affordable... somebody would spend 30% of their gross household income or less on housing for rentals, and for ownership, that number is 33%." He also explained LIHTC as a primary funding source for subsidized construction and noted typical income thresholds for LIHTC units (roughly $60,000–$70,000). Simpkins warned that more restrictive deed restrictions typically lower land value and that ground leases and partnership agreements allow the town to retain more long‑term control.
