Housing Program: Mayor Announces Affordable Housing Bonus Program Legislation

WASHINGTON, D.C. – October 1, 2015 – (RealEstateRama) — Mayor Edwin M. Lee with Supervisor Katy Tang introduced legislation at the Board of Supervisors to create an Affordable Housing Bonus Program to provide new incentives for private developers to build more affordable housing units in their market-rate developments. The legislation, part of the Mayor’s Blueprint to 10,000 permanently affordable homes by 2020, will help the City better meet the needs of low and middle income families who need housing, and will, for the first time, institutionalize a program that supports middle income families.

“We will deliver more than 10,000 affordable homes available to low and middle income families by 2020, in part, by helping private sector partners increase housing production in growing neighborhoods,” said Mayor Lee. “With this new program, smart, sensible and well-designed infill development will contribute thousands of permanently affordable homes throughout the City.” Read more.