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"A" Bonus fo Alameda

By
Services for Real Estate Pros with ZipRealty

I was able to watch the Planning Board meeting yesterday, and for someone that is interested in Real Estate and home construction the discussion over the Density Bonus Ordinance was fascinating stuff. Action on the item was continued to the next meeting but here are the highlights.

 

John Biggs gave the staff report and what I got out of it was the following:

  • This is an incentive to provide low to moderate income units.
  • Types of project: New residential, Mix-used with 5 or more units, renovation of existing multi-family units with at least five units that increase the number of units in the project, mix used in the Park Street and Webster Street business districts (the boundaries for district have not been clearly defined), conversion of non residential to residential with five units or more, conversion of rental units to ownership that have at least five units.
  • To qualify:
    • The project has two have at least 10% of the project designated for low income. This entitles a bonus between 20-30%. Example 100, 10 low-income allows for the 20% bonus and the developer can construct a 120 units.
    • The ordinance has an inclusionary housing clause; This reduce the inclusionary number from 25% to 15% that is required. SO the bonus does not become automatic with all projects.
    • Incentive and concessions
      • For ever 5% for very low income they are allowed one concession.
        • Measure A – is part of a long list
        • Lofts
        • Parking
        • Work/live
        • Lot size
    • Penalties for not complying

 

Read the rest at 94501 Real Estate Blog

http://94501realestate.blogspot.com/2009/03/bonus-for-alameda.html