Anytime I come up with a neato infill affordable project, it gets turned into “how much can we charge based on the market?” If we value inclusionary housing in our community, we as residents are going to have to step up and do it ourselves. The development community has their focus so firmly on ROI and “luxury apartments” at $1600 for 1 bedroom unit that the $800 1 bedroom that we really need is a dinosaur.
If your care and want to change this and have the means, you can step up and contribute to your community. Can you live with a 4% CAP rate instead of 9% plus fees?
I have a virtual shovel ready 30 unit complex on Prater in Sparks that could use angel financing – there is a very compiling back story. I’m working up new 36 unit complex in Sparks with land less than $9000 per key. Working through the County and State affordable housing grant process just doesn’t work for these “minor” infill projects – who has 2 years to deal with the system except Chip?
So if you want change, you have to personally step up and make it happen. Let’s do it.