Very interesting request:
43/52 (83%) of the units are affordable housing.
$25M project cost
$15M subsidies from TIF, housing bonds and tax credits
$10M net cost of the project to the developer$350K City subsidy per affordable housing unit.
If we were building conventional affordable apartments, we would get many more units for this same money.
The developer does not state the rent per affordable unit. Since affordability is based on residents having 50-60% of the Average Median Family Income, I wonder how much rent will be. I fear that in fact this will not be very affordable at all, based on the high incomes in the area. I wonder if our local artists will even be able to afford this place.
Hence the developer is pointing toward other benefits of the project like Flora St retail and landscaping the ROW to KWP.
I like the project as a development, but honestly, this is a great example of how the benefits of government subsidies go to the well connected people. And we are willing to pay a lot of money fulfill our own elitist sentiments, that we need to put artists in a very expensive Arts District development, rather than putting many more of our most needy people in housing.