Reply to Oh, Chevy Chase (DC affordable housing)!

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Thanks, doesn't the ground lease require the developer to pay annual rent for the land? Or is the rent in this case set to $0?[/quote]

The "rent" is in the form of affordable housing subsidies for 99 years.[/quote]

Seems very not worth it if that's it![/quote]

So let's say the city puts up $20 million each for a new library and new Community Center, that is $40 million. The two buildings would actually cost closer to $80 million to build. Add to it 75 new apartments that are 1-3 BR each and half of them are affordable to 50% AMI. The whole project costs $400 million and in return, the developer pays the city $1 for a 99 year ground lease to build the whole thing.

That seems very worth it.[/quote]

Yes, based on your made-up numbers, the City was paid $40 million for the land and got a bunch of affordable housing.  So in your make-believe world, that's a great deal for DC.  I wonder what the real cost and benefit is, though.  [/quote]

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