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@Pauled: First, this isnt an onerous burden, if it were, it would discourage housing production - something that would be totally counterproductive. IZ compensates developers for the affordable units by allowing them to build more than otherwise allowed. This approach had been practiced successfully for years in hundreds of jurisdictions around the country. Montgomery County has produced over ten thousand units this way, and continued to have a thriving housing market with plenty of developers happy to build in MoCo. And applicants happy to rent & buy. MoCo has extended its affordability term to 30 yrs for ownership & 99 years for rental.

Why IZ looks like a success despite a slow start:
While only 2 IZ units have been produced, the pipeline is full, with 11% of units from eligible projects offering IZ. That is 903 units of more affordable housing in the next five years or so for essentially free. Secondly, PUDs are following IZ rules, event though they are called exempt. Without IZ, these affordable units wouldnt be produced, or wouldnt be produced so consistently. The first years that IZ was taking hold, a variety of affordability approaches were adopted by the Zoning Commission. Now it follows the IZ rules.

DC's program has been delayed due to grandfathering & the 2008 market crash. But the report shows us that hundreds of IZ units are in the pipeline. The city does need to work out kinks on implementation, including more effectively recruiting applicants and addressing problems with mortgage lenders. IZ follows the market and will produce mostly rentals for the foreseeable future, but could add more for-sale units if the market changes. As for people who want to participate -- this isn't for everyone. Those who think they can have another opportunity to purchase a unit on the market probably aren't right for the program. For those who believe this gives them an important opportunity that might otherwise not be available to get into the home ownership market in a popular neighborhood, this might be a real find. First time purchases can often use this opportunity to graduate to the regular market.

by Cheryl Cort on Jul 13, 2012 11:13 am • link • report

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