Everything you need to know about LA’s new transit-oriented development incentives Industry insiders mixed on whether TOC program will make a difference
(Photo illustration. Credit: Los Angeles Metro)
A new city planning initiative aims to add affordable housing development near mass transit, but some real estate insiders question whether it does enough to entice market-rate builders.
The Los Angeles Department of City Planning released the official Transit Oriented Communities (TOC) Affordable Housing Incentive Program Guidelines on Sept. 22. The new rules aim to streamline the development process and incentivize affordable housing development by implementing a section of Measure JJJ, which was passed by voters in Nov. 2016.
Roughly 20 applications have been submitted since the guidelines were released. Experts predict the TOC program will be most effective at increasing the scale of affordable projects. Whether it does enough to bring market-rate developers into the affordable housing business which experts say is essential to tackle the housing crisis is less certain.
“I see it benefiting mostly developers that already focus on affordable housing as their core product,” said Doug Bystry, CEO of Clearinghouse CDFI and a former La Habra City Council member.
Cost cutting Allan Abshez, a land use and zoning attorney at Loeb Loeb, said he is unsure whether developers will use the TOC guidelines more than they use the state’s existing density bonus program.
The city program will be available to projects located near transit hubs that fit JJJ s requirements, including mandates to pay construction workers union-level wages and set aside a portion of units as affordable housing. It’s unclear whethe爱上海同城论坛