Focus Team: Project Economics & Stewardship #4:

Date and Location: Wednesday, March 16, 2022 – Community Center West Room

Estimated Attendance: 23 including staff and consultants

Guiding Questions:  

• If you are considering living at Brown Ranch, what feedback and questions do you have about  deed restrictions and community land trusts?
• Are we on the right track with a spectrum of approaches across a wide range of incomes?  • Is there anything else you would like to see explored prior to a steering Committee discussion?

Key Technical Information Shared:  

Willa Williford updated the group on work to-date and presented on two main affordability  structures/mechanisms: deed restrictions & community land trust.

Lessons learned from other projects:

• Burlingame – Aspen: Have such high demand, that need very defensible process.  • Miller Ranch – Edwards: Greatest strength is scale. Have lots of supply which leads to mobility.

Need to decide in next 4-6 weeks which stewardship mechanism we use.

Will do deep front end analysis to model long-term ramifications on price cap, income test, asset test,  capital improvement incentive, etc.

Local lesson learned from the past: If the for-sale market softens, need to plan to always have at least  $50,000 gap between deed restricted units and free market units to create a robust secondary market  to trade deed restricted housing.