To jumpstart affordable housing construction, the Sacramento City Council this week voted to waive development impact fees on new projects, a move supported by the California Apartment Association and other business organizations.
The fee waivers will reduce, for example, the cost of a 200-unit multifamily housing development by as much as $2.6 million, an amount that helps cover the funding lost when redevelopment agencies, a primary source of financing for affordable housing, were eliminated during the recession.
“Increasing the supply of affordable housing is the single best approach to solving our housing crisis,” said CAA senior vice president Jim Lofgren. “Waiving development fees will enable more projects to pencil out and get built.”
During his testimony before the City Council, Lofgren offered evidence that …
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