So, one of the knocks on Inclusionary Zoning is that there are other ways to create affordable housing, particularly that we should use the existing affordable housing stock and make that affordable. Various versions of how to do have been mentioned, but the general idea is that we should just provide downpayment assistance for homes currently on the market. In fact, just yesterday at the Mayor’s IZ work group, Judy Compton brought it up again. I’ve heard this proposal so many times and in so many different ways, but I haven’t seen any details.
How much will this cost? Where will the money come from? How many affordable homes will this create?
My guess is that if someone put together a serious proposal, I’d vote for it if it makes sense. If I put together a proposal, 8 people would automatically vote against it because it is my idea and I’d be labeled a communist or spendthrift.
My other guess is, that there is no serious proposal out there because it doesn’t produce anywhere near the 300 units per year that Inclusionary Zoning is capable of and it costs phenomenally much more.
Regardless, I’m listening, if you don’t like Inclusionary Zoning, what other programs can we provide to help create affordable housing? And what does it produce and cost?
Here’s some examples of what we are already doing (with Federal dollars, i.e. no City tax dollars):
American Dream Downpayment
Cost $74,714
Helped 18 households
Average $4,150 per household
Plus an additional
Cost $250,000
Help 25 people
Average $10,000 per household
Home Buy Program
Cost $100,000
Helped 32 households
Average $3, 125 per household
If it takes $424,714 to help 75 of the people who are closest to homeownership, it would cost us $1,698,856 every year to get 300 households into affordable housing, assuming that about $5,000 is going to be all it takes to get them into housing. How many people in the community are only about $5,000 away from affording a home?
Now, are we done with this distraction, can we get back to fixing the IZ ordinance? Or as the mayor put it, are we done being “cosmic”? Or is there a serious proposal out there?
