WPCNR Common Council Chronicle-Examiner. By John F. Bailey. July 28, 2007: Council President Rita Malmud, and Councilmen Benjamin Boykin, Dennis Power and Thomas Roach proposed new legislation to the Mayor Thursday evening that would increase the city “set aside for affordable housing” ration from 6% of built units to 10% for all new buildings containing 25 housing units or more in present multi-family residential zones and any “newly created Districts permiting multi-family housing.
The legislation which the Mayor agreed to put on the August calendar Thursday evening, even though the proposal by the four councilpersons was a complete surprise to the Mayor, according to Jim Benerofe, reporting on White Plains Week Friday night. The proposal was also not shared by Malmud and Messers Boykin, Power and Roach with the two remaining councilpersons, Glen Hockley and Arnold Bernstein, according to Mr. Hockley, Benerofe reported last night. A vote on the proposal is expected in September.
The proposal also ups the buyout option substantially. Developers have in the past been allowed to pay a fee to the Affordable Housing Assistance Fund in lieu of setting aside affordable units. Now those fees would be sharply increased virtually doubling the present buyout option as follows:
A studio, $75,000 per unit. (now $30,000)
A One Bedroom, $150,000 per unit (presently $67,000)
A Two Bedroom, $200,000 per unit (now $115,000)
A Three Bedroom, $240,000 per unit ($155,000 currently)
The legislation, in addition increases the period that the affordable units provided by a developer would remain affordable, from 20 years to 30 years, and the term of renewal option from 20 years to 30 years.
The Mayor, Benerofe reported Friday evening on White Plains Week, pointed out there are no new proposals before the city that propose multi-family housing. However, WPCNR notes that the Lexington Avenue corridor, next in line for the city’s “Revitalization Touch,” long targeted as an area for possible gentrification might just be covered by this legislation.
Should a developer propose a 300 unit project, fee in lieu of fees could conceivably approach $5,000,000 or greater under the increased fees per unit. For example at 10%, 30 units of 7 studios, 8 one bedrooms, 8 two bedrooms and 7 --3 bedrooms would cost a developer, $5 Million in a fee buyout.
