#68 Joint Development Policy PORTFOLIO-WIDE GOAL Establish a - PowerPoint PPT Presentation

Jun 06, 2023 •168 likes •208 views

ADOPT Updated Metro #68 Joint Development Policy PORTFOLIO-WIDE GOAL Establish a portfolio-wide goal of 35% affordable housing units Allow flexibility across the region for housing types Current portfolio is at 31% but was largely

ADOPT Updated Metro #68 Joint Development Policy PORTFOLIO-WIDE GOAL • Establish a portfolio-wide goal of 35% affordable housing units • Allow flexibility across the region for housing types • Current portfolio is at 31% but was largely funded by Community Redevelopment Agency (CRA) money
ADOPT Updated Metro #68 Joint Development Policy LAND DISCOUNTING • Allow for proportional discounting to Metro-owned joint development land • Maximum discount: 30% • Discount based on percentage of affordable units, i.e.: • 10% affordable units = 10% land discount • 30% affordable units = 30% land discount • 100% affordable units = 30% land discount • Currently under review by Federal Transit Administration (FTA)
ADOPT Updated Metro #68 Joint Development Policy COMMUNITY OUTREACH • Codify commitment to meaningful, site-specific community outreach • Elevate transparency throughout joint development process • After current joint developments are negotiated, outreach process will be reevaluated and additional modifications may be considered

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