The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Wednesday, November 30, 2016
Developers Rushing to Get Projects Approved Before Inclusionary Zoning Takes Effect
With the inclusionary zoning proposal going before Portland City Council in December, many developers are trying to get projects approved prior to February, when the new requirements will go into effect if passed. Currently there are more than 14,000 units in the approval pipeline in Portland, a significant increase even from recent years. Many investors and developers are concerned due to a lack of transparency - though there has been some discussion of what the policy could look like, the specifics have not been nailed down. The Oregonian reports that developers will likely be required to set aside 20% of units for households making less than 80% median family income, but the incentives the city will ultimately be willing to provide are less clear. Incentives will likely include some combination of tax breaks, increased density, and waived parking requirements, but without specific details investors are wary of funding projects that might not be feasible. Read more.