Live Breaking News & Updates on Chris Meany|Page 7
Stay updated with breaking news from Chris meany. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
the development to allow us to capture back some of the affordable housing. supervisor cohen: this goes back to the state legislation. to me, building off what supervisor mar is trying to narrow down is there a metric that is used? huddling quantify whether or not state legislation is successful? of what point will we know we are moving in the right direction? ultimately, we will know when legislation is passed that will enable us to capture some of the state share of the increment. that is certainly what we intend to do. we are writing legislation now with the mayor s office community development agency and the mayor s office of housing. we are looking at the bills. we are writing legislation that would allow us to capture some of that increment. but other cities and redevelopment agencies are doing the same thing. it is a little difficult to predict what is going to happen at the state level. supervisor cohen: are there other tools are means we can use to capture ....
legislation is passed that will enable us to capture some of the state share of the increment. that is certainly what we intend to do. we are writing legislation now with the mayor s office community development agency and the mayor s office of housing. we are looking at the bills. we are writing legislation that would allow us to capture some of that increment. but other cities and redevelopment agencies are doing the same thing. it is a little difficult to predict what is going to happen at the state level. supervisor cohen: are there other tools are means we can use to capture that money so we can meet the 30% affordable housing? like i said, if there is additional funds outside of the tax increment if a bond is passed, or the state provides additional funding outside of tax increments, that could be used also to recapture some of these under the affordable housing level. chairperson mar: think you. please continue. just a couple other items on the change. ther ....
built in that scenario, where we can go back and get an increment. but we have also provided in our housing plan the ability to buy back affordable housing novels. if, for instance, a citywide bond was passed, that would give us additional housing. there are lots of things available that we could buy back to get us back to that 30%. there are two ways we built into the development to allow us to capture back some of the affordable housing. supervisor cohen: this goes back to the state legislation. to me, building off what supervisor mar is trying to narrow down is there a metric that is used? huddling quantify whether or not state legislation is successful? of what point will we know we are moving in the right direction? ultimately, we will know when legislation is passed that will enable us to capture some of the state share of the increment. that is certainly what we intend to do. we are writing legislation now with the mayor s office community development agency ....
when the money comes back to a certain level, meaning affordable housing. any increment we get back of the 65 cents will be used for affordable housing. if we get fully back to the 80 cents, we would revert back to where we are, with 30% affordable housing. chairperson mar: can i follow up on those questions? i know john elberling also raised this as a question, to get more specifics on how we are going to get from 25% back up to 30% if we have state legislation that passes. i know assemblyman amiano and others have legislation that has been introduced or are planning to. but could you give us a the public more specifics about how this legislation may help us get back to that 30%? also, there was an option of san francisco buying back parcels if funding comes from local, state, or federal sources. one we can do this is to get additional tax dollars. basically, we are able to spend the city share. under a development scenario, you also get state share of tax incremen ....