[Massplanners] Fee in Lieu of Affordable Housing

[Carolyn Britt]

Kathy,

Here is a link to the newly updated criteria from Ipswich.

https://www.ipswichma.gov/DocumentCenter/View/16466/Inclusionary-Housing-Payment-in-Lieu-of-Option

Carolyn Britt, AICP

Community Investment Associates

PO Box 235

Ipswich, MA 01938

978-356-9881

On 4/17/2024 11:30 AM, Williams, Kathleen via MassPlanners wrote:
>
> Hi All,
>
> The Town of Yarmouth is looking to modify the way we calculate the 
> cash payment for the Fee in Lieu of Affordable Housing.  I know this 
> is a topic that has been discussed before and have looked at the more 
> recent responses, but was wondering how others determine this 
> calculation.
>
> Yarmouth is looking at a way to calculate the difference in sale price 
> between the market rate unit and an affordable unit and are proposing 
> the following.
>
> 412.4.5 Fee in Lieu of Affordable Housing.  Calculation of cash payment.
>
> For each affordable unit not provided within the locus of the 
> development, the fee shall be the difference between the current 
> Median Sale Price* and the affordable price calculated to be 
> affordable by the Massachusetts Executive Office of Housing and 
> Livable Communities (HLC) Local Initiative Program (LIP)** to a 
> household of four earning no more than 80% of the Area Median Income 
> as set by U.S. HUD on an annual basis for Barnstable County.
>
> * The Median Sale Price is per the most current Warren Group data, 
> adjusted for unit type, and where units in multi-family buildings of 3 
> or more units are considered condominium units.
>
> ** Housing units in multi-family buildings of 3 or more units are 
> calculated as condominium units.
>
> Thanks,
>
> Kathy
>
> *----------------------------------------*
>
> *Kathy Williams, P.E.*
>
> Yarmouth Town Planner
>
> 1146 Route 28
>
> South Yarmouth, MA  02664-4492
>
> (508) 398-2231 Ext 1276
>
> kwilliams at yarmouth.ma.us <mailto:kwilliams at yarmouth.ma.us>
>
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://masscptc.org/pipermail/massplanners_masscptc.org/attachments/20240417/74bb05ac/attachment.htm>