The Economic Blender: Mixed-Income Housing Takes Many Forms
By Caitlin Jones
1 min read
Tax Credit Advisor — December 2010 ““ From a 320-unit market-rate condo/low-income apartment development planned in tony Santa Monica, California, to a 75-unit historic rehabilitation project outside Boston, mixed-income housing development is taking different forms these days. Local government desires and other factors are encouraging more mixed-income projects, which combine affordable and market-rate units — the former often using low-income housing tax credits. But this particular type of development poses challenges and requires special skills to successfully design, finance, and build. The Related Companies, based in New York City, and Related California, a subsidiary which operates out of Irvine, have developed numerous and varied mixed-income housing projects. “When people say mixed-income housing it can mean a lot of different things,” says Bill Witte, President of Related California and a former municipal housing official in San Francisco. Witte says there are several different “models” of mixed-income housing projects, and Related has developed all of these. They include: “80/20″ projects, which are financed by tax-exempt bonds: HOPE VI projects funded with federal grants; and projects developed under local inclusionary housing programs. Read More…
