Seattle officials recently unveiled a plan to create 6,000 units of affordable housing in the city.
Some have called the measure a "grand bargain" between real estate developers and affordable housing advocates. The legislation includes a commercial linkage fee, called the Affordable Housing Impact Mitigation Program. It requires developers to pay a fee for each square foot of new commercial development.
Funds from those fees, ranging from $5 to $17 per square foot, will be used to pay for new affordable housing units. Also part of the plan is a requirement for new multifamily developments to set aside between 5% and 8% of units for affordable housing for 50 years. Residents who earn up to 60% of the area median income, currently $37,680 for individuals and $53,760 for families of four, would be eligible for the affordable units.
In addition, the city will consider increasing development capacity. In the downtown and South Lake Union areas, new developments would be permitted to have an extra 1,000 sf per floor. Outside of the main downtown area, new buildings would be permitted to add an additional story.
Related Stories
| Feb 8, 2012
Nauset completes addition and renovation for Winchester senior living community
Theater, library, fitness center, and bistro enhance facility.
| Jan 3, 2012
Rental Renaissance, The Rebirth of the Apartment Market
Across much of the U.S., apartment rents are rising, vacancy rates are falling. In just about every major urban area, new multifamily rental projects and major renovations are coming online. It may be too soon to pronounce the rental market fully recovered, but the trend is promising.
| Dec 27, 2011
Ground broken for adaptive reuse project
Located on the Garden State Parkway, the master-planned project initially includes the conversion of a 114-year-old, 365,000-square-foot, six-story warehouse building into 361 loft-style apartments, and the creation of a three-level parking facility.
| Dec 12, 2011
Mojo Stumer takes top honors at AIA Long Island Design Awards
Firm's TriBeCa Loft wins "Archi" for interior design.
| Dec 5, 2011
Gables Residential brings mixed-use building to Houston's Tanglewood area
The design integrates a detailed brick and masonry facade, acknowledging the soft pastel color palette of the surrounding Mediterranean heritage of Tanglewood.
| Dec 2, 2011
What are you waiting for? BD+C's 2012 40 Under 40 nominations are due Friday, Jan. 20
Nominate a colleague, peer, or even yourself. Applications available here.
| Dec 2, 2011
Goody Clancy awarded Ohio State residential project
The project, which is focused on developing a vibrant on-campus community of learning for OSU undergraduates.
| Nov 29, 2011
Suffolk Construction breaks ground on Boston residential tower
Millennium Place III is a $220 million, 256-unit development that will occupy a full city block in Boston’s Downtown Crossing.
| Nov 15, 2011
Suffolk Construction breaks ground on the Victor housing development in Boston
Project team to manage construction of $92 million, 377,000 square-foot residential tower.
| Nov 15, 2011
Miller joins Perkins Eastman as regional manager, Middle East and Northern Africa
Miller joins Perkins Eastman with more than 48 years of experience in architecture, design management, and construction administration for planning and infrastructure.
