By: Thomas Friestad
In the days before Kansas City Council members had planned to vote on legislation linking multifamily incentives to a 20% affordable housing unit requirement, development community representatives began ramping up opposition.
At the time, and in interviews since the City Council unanimously approved the ordinance on Jan. 28, area developers echoed council members' position on two fronts: Affordable housing is a priority, and officials must take up additional measures to ensure more units can be built for low-income residents.
A core concern with the ordinance - expected to curtail incentive requests and, with them, where new multifamily units feasibly can be built - is simply a math problem, several said.
"We're very supportive of the concept of having affordable housing in Kansas City, Missouri," said Aaron Mesmer, senior vice president of development and acquisitions for Block Real Estate Services LLC. "It's an important community goal. We just don't believe the tool that council has passed is going to ultimately result in the number of units they would like to see built."
Read the full article: https://www.bizjournals.com/kansascity/news/2021/02/08/kc-affordable-housing-multifamily-incentives.html