Focus Team: Project Economics & Stewardship #4:
Date and Location: Wednesday, March 16, 2022 – Community Center West Room
Estimated Attendance: 23 including staff and consultants
- 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.