Last Wednesday, the Windsor Town Council on a 4-1 vote accepted $2 million in affordable housing monies from developer Bob Bisno in return for withdrawing the condition that he provide 77 apartment units with rents limited to median income tenants for a 10-year period.
In addition to the money, Mr. Bisno agreed to restrict five of the larger apartments in the Vintage Oaks (Oliver’s) to median income families. I was one of the four that agreed to take the money. Why?
Median income for a Windsor family of three or four appears to be around $85,000 per year. Median income rent limits by state regulation appears to be 120 percent of the median income or approximately $100,000.
Rents that can be charged and still qualify as affordable to median income families are either 30 percent or 35 percent of their income, or, doing the math, 30 percent x $100K = $30,000 per year or $2,500 per month.
The real question presented was whether limiting 77 of the two bedroom units to rents of $2,500 per month would accomplish the goal of providing affordable and workforce housing to those working families in need of affordable housing.
It was clear to me that many of those in our audience wanted the 77 units built as agreed. Staff indicated that the $2 million could possibly subsidize 75 or more units of deeper affordability, to either low or very low income families earning up to 80 percent of the median income, or $68,000 with a rent limitation of approximately $1,500 per month and the units would be restrict for a much longer period, usually 55 years.
Staff’s position was based upon our recent allocation of housing funds to two projects at a subsidy of about $27,000 per unit. Neither of these projects, while having received the approval of the payment, have broken ground. While I don’t question whether they will, my past experience is that a normal subsidy of our housing funds has been more in the neighborhood of $70,000 per unit.
I confess, none of the above provides a clear path to understanding the best means of providing housing for those who need it in our community. Those in need could be your children, could be you and your family, our teachers, our fireman or our police.
We have heard that many Windsor families fear they may have to relocate as the result of a lack of homes within their affordability range. Windsor has what is called an Inclusionary Housing Ordinance, which requires new development provide either a small portion of their units to be affordable or to pay a fee to the Town that the Town uses to assist low income housing developers to provide affordable housing.
Many cities are moving away from the payment or in lieu fee option because it does not seem to provide the necessary funding to result in a reasonable amount affordable units. I have been urging our council to move to eliminate the in lieu fee option.
I am hopeful that two actions will result from last week’s decision. One, the project will get started. How long can we wait? The trees are gone; the site lies in somewhat ruins and we need the housing at that location. Two, the money can be used to subsidize at least 40 affordable units for families earning $68,000 or less and the restriction being for 55 years. My apologies to those of you who think and feel differently, as you very well may be right and I may be wrong.
Sam Salmon is a Windsor Town Councilmember.
