planning: Provision for Land or Money for Development

Montgomery County, PA

P.O. Box 311, Norristown, PA 19404-0311
Courthouse Hours: 8:30a.m. to 4:15p.m.
Phone: 610-278-3000
Website: www.montcopa.org

Provision of Land or Money for Development
Santa Clara Unified School District (California)
The Santa Clara Unified School District fostered, in cooperation with a developer who agreed to a small development fee and no profit margin, the construction of 40 apartments on district-owned land.  With rents that fall below market rates and a waiting list, there is a five-year limit for residents in this complex.  The school district has noted that teachers who moved into the complex have a lower attrition rate than the district’s overall new recruits.  Click here for further information.
 
University of Chicago (Illinois)
In 2006, the University of Chicago, in an expansion of its existing employer-assisted housing program, invested $1 million with the nonprofit Community Investment Corporation (CIC).  CIC specializes in lending to developers, typically those who purchase and renovate older buildings.  This money supports broader affordable housing initiatives and is not limited to university employees.  This investment, along with equity from developers and $8 million in funding from CIC, was expected to help rehab and preserve a minimum of 190 apartments in its first year.  For more information, click here for an article from the Metropolitan Planning Council.