Sarasota Livin'

Knowledgeplex has an interesting article on affordable housing... I might be able to afford Santa Fe now...

An affordable housing ordinance called the Santa Fe Homes Program will be introduced at the City Council this week.
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Language in the new ordinance also includes ideas from the city's inclusionary zoning provision, which requires that affordable housing of different sizes and prices be mixed in with higher cost homes to avoid segregation of residents by income.

Thirty percent of the total number of a subdivision's houses offered for sale would have to be set at prices deemed affordable for different income levels of potential buyers:

* 10 percent would be for buyers between 50 percent and 65 percent of the area median income, which for 2005 is $66,000 for a family of four. Homes in this category would have a maximum price of $122,000.

* 10 percent would be for buyers with incomes up to 80 percent of the median income, priced at no more than $158,000.

* 10 percent would be for income levels up to 100 percent of the median income, priced up to $194,000.

The ordinance also calls for resale controls to keep the houses affordable and to prevent the affordable units from becoming rental houses.

PS the builders are not happy .. they will have to sell many of these homes for less than cost ... so the family that buys the "full price" home pays for the subsidized homes..