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.