A common refrain within the affordable housing development community is that “if it were easy, everyone would do it.” Two experts detailed the complexities and costs for city council members Thursday.
The overarching goal was to better understand the inherent risks and challenges that prevent developers from creating much-needed, attainable homes. Those begin and end with money, as each unit now costs between $350,000 and $400,000.
Amy Foster, housing and neighborhood services administrator, told the Housing, Land Use and Transportation Committee that the affordable housing “landscape is constantly changing.” She also noted that capping rents at 80% or 120% of the area median income (AMI) can make or break a deal…