Title
Resolve: That the City Council support an Inclusionary Zoning Financial Feasibility Analysis.
Whereas 56% of Malden households are low income, meaning they earn 80% or less of the Area Median Income, and would qualify for deed-restricted Affordable housing; and
Whereas 67% of low-income Malden households are housing cost burdened, meaning they pay more than 30% of their income on housing costs, including rent, mortgages, utilities, insurance and other regular housing costs, and are therefore at higher risk of displacement; and
Whereas Malden has less than one deed-restricted Affordable housing unit for every three cost-burdened low-income Malden households who could qualify for such a home; and
Whereas inclusionary zoning policies leverage the private sector housing market to create new deed-restricted Affordable units by requiring a percentage of new units in multifamily buildings to be set at below-market costs and reserved for low-income households; and
Whereas the success of inclusionary zoning policies hinges on well-crafted policy details, so that the share of deed-restricted Affordable units in a given project is maximized without jeopardizing the financial feasibility of said project; and
Whereas many cities in the Greater Boston area have adopted inclusionary zoning policies that vary depending on each community's affordable housing needs and real estate market; and
Whereas an inclusionary zoning financial feasibility analysis would provide the City with critical insight into crafting an inclusionary zoning ordinance that would help low-income households continue to live in Malden; therefore, be it hereby
RESOLVED that the City Council supports the commission of an inclusionary zoning financial feasibility analysis; and be it further
RESOLVED that the City Council supports an application for funding to the Community Preservation Commission for that purpose, submitted and administered by the Malden Redevelopment Authority; and be it further
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