Dear Councilmember,
I enclose a copy of a letter which I have just sent to Ms. Cynthia Parker, Director of the Office of Housing, in which I request that the Madison-Miller Urban Village participate in the Property Tax Exemption Program for Multifamily Housing.
 

As you may know, the section of East Madison Street in my neighborhood (between 18th and 24th Ave.E.) is about to experience a tremendous renaissance: a great deal of NC property is going to be developed, typically with ground floor commercial and many apartments above. If all that development is market-rate it will generate a tremendous void in our neighborhood. We'll have much excellent low-income housing (mostly run by CHHIP) serving the <50% median income market, all this new housing serving the significantly wealthy, and less and less in the middle.
 

The Property Tax Exemption Program has two distinct aims: to promote affordable housing and to promote community development and revitalization. Our neighborhood clearly needs no help in stimulating revitalization, but is in sore need of help in maintaining affordability. The program will help us retain housing affordable to people in the 60 - 80% median income bracket, people who would otherwise be forced to endure long commutes to their jobs in our community or downtown. Chuck Weinstock (director of CHHIP) could see no downside to our being part of the program.
 

I suggest (in the attached letter) that neighbors, developers and the City work together to find a formula that will be attractive and beneficial to all: I suggested (as a starting point) that 15% of the apartments be affordable to those earning 60 - 80% of median. It would appear that three of the four major developments under consideration (Madison Temple, Dean Falls and Val Thomas) are looking favorably towards the program.
 

I would therefore request that you support this proposal, and do all in your power to speed it along, so that the program may be enacted in time for the projects on Madison to benefit from it.