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@Dan: the 2 IZ condos have not been sold. Largely this is due to a conflict over the IZ covenant insisting affordability survive foreclosure. We've recommended dropping that requirement. IZ does increase density as you suggest so its a great tool for increasing the housing supply while also using a portion of the created value of the increased density to pay for the affordable units. The density bonus is 20% with 8-10% affordable. So in the case of highrise development getting 20% more units, only 8% are IZ, the rest are market rate.

by Cheryl Cort on Jul 12, 2012 2:31 pm • link • report

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