TAX CREDITS CREATE AFFORDABLE RENTAL HOUSING - 9

TAX CREDITS CREATE AFFORDABLE RENTAL HOUSING

By Steve Wright

Egan also promotes a holistic approach to affordable housing, such as those detailed in “Increasing the Availability of Affordable Homes -- A Handbook of High-Impact State and Local Solutions,” prepared by the Center for Housing Policy (CHP).

The publication details how Fairfax County, Virginia recently approved a plan to rezone an area near a mass transit stop to increase density substantially on land formerly occupied by an older, low-density subdivision of 65 homes plus five acres previously used for surface parking.

The new MetroWest development will have about 2,250 condominiums, apartments and townhouses; up to 300,000 square feet of office space; and, up to 190,000 square feet of retail space.

“During negotiations over the proposed MetroWest development, Fairfax County secured a promise from Pulte Homes, the developer, that approximately five percent of the homes would be affordable — almost double the number required under current Fairfax County provisions for developments of this density,” the CHP handbook explains.

NHC’s Egan said higher density zoning with boosted Floor Area Ratios for development can create room for affordable housing on even a pricey piece of land, quipping “God isn’t making anymore land, but he is using FAR.”