Council Extends Affordable Housing Designation for Two Projects

The City Council agreed to extend the affordable housing designation for Aspen Knolls (McWhinney) and Wilson Commons (Giuliano) allowing the builders to retain incentives and related development fee reductions that were set to expire. The Wilson Commons project, dormant since 2000 when it was approved, will get an extension through 2022, locking in development fee rates that were applicable in 2000. Aspen Knolls received its affordable housing designation in 2001; the extension will remain in effect until 2018. Wilson Commons developer John Giuliano, said the extension was essential if the City was to hit affordable housing targets. “Affordable housing, when this housing market corrects itself, will get very, very scarce,” he said.  He added that when the housing market recovers, the cost of building materials could drive new housing costs as much as 20 percent higher.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: