Back to the drawing board: Luxury project goes affordable
Now comes the news that a luxury condo project planned for Baltimore's west side is being reimagined as affordable "work force" housing.
Lorraine Mirabella reports that Oak Street Developers has revised its plans after the recession -- and financing difficulties -- kept construction from starting on the proposed "M on Madison" condos at North Howard and Madison streets.
It's not as stunning a turn as an already built condo high-rise with penthouses and rooftop terraces getting marketed to residents with decidedly unluxury-sized bank accounts, but I thought it worth noting.
Mirabella reports that the developer "plans to write down the cost of the project with the help of state low-income housing tax credits." That will put restrictions on the target audience.
According to the state Department of Housing and Community Development, projects getting those tax credits "must elect to set aside, at a minimum, either 20% of the housing units in the project for households with incomes of 50% or less of the area median gross income, or 40% of the housing units in the project for households with incomes of 60% or less of the area median gross income." (Sixty percent of median income is about $40,000 for a two-person household, according to the state's calculation.)
What sort of housing -- price range and type -- would you like to see a builder taking on?
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Comments
I'm still a renter, and I'd love to see a city builder commit to new construction without ridiculously high rental prices. There are many converted rowhouse-type apartments that are reasonably priced in Baltimore, but there are problems in many of these old buildings (e.g. my own with heat, mice and $200+ BGE bills on a 1BR from poor insulation).
There aren't many mid-range rentals for new construction -- the waterfront is expensive, and there are a couple near Lexington Market, but that's about it.
Posted by: Justine | July 24, 2009 9:09 AM
I would like to see builders cater to us regular people who aren't low income but aren't rich luxury-seeking types either. The mid-range gets ignored for some strange reason. I think builders could do more to appeal to this segment instead of focusing on either the high-range or the low-range exclusively.
Posted by: BigDragon | July 24, 2009 9:41 AM
Right on the money Justine & BigDragon!! Developers have truly ignored us in the mid-range especially in the city. If I wanted to get a 1BR apt under $800 in Hampsted or Reisterstown I could. But finding that in any decent, safe area in the city is like hunting for buried treasure.
Posted by: CurlyCutie | July 24, 2009 12:00 PM
Unfortunately the buried treasure in any other City is found within 2-3 miles of a downtown area. Decent and Safe Neighborhoods is the answer. We could build for you with minimal subsidy, but you won't pass MLK or the JFX.
It's not that we don't want to build for you in decent neighborhoods; The City of Neighborhood needs more decent ones to build in.
That is a City Hall issue; So, please address the Mayor and Council about the lack of DECENT and SAFE affordable (30% of income)places to live within a Mile of Downtown.
Note: Section 8 Voucher recipients with a household of 3 are now renting in Canton from $1200-$1400.
Clearly, subsidizing affordable housing works at the Very-Low income level. "Workforce Housing" also needs to be subsidized for the betterment of all who call the City home.
We can pick this up again in 10 years since the City Hall stategic Plan !@#$ will have run its course.
Posted by: Truth Be Told | July 26, 2009 1:08 PM