Office of the Mayor: An Ordinance Authorizing the Adoption of Legislation to Preserve a Percentage of Future Market-Rate Residential Developments for Fair and Affordable Housing and Establish a Mount Vernon Affordable Housing Assistance Fund Board

This ordinance proposes the establishment of an Inclusionary Housing Ordinance and an Affordable Housing Assistance Fund Board in Mount Vernon. The core of the ordinance requires that 10% of dwelling units in future market-rate residential developments of 10 or more units must be set aside for fair and affordable housing. This policy aims to ensure that new development contributes to the city's housing affordability goals and promotes economic diversity.

To administer the program, a Mount Vernon Affordable Housing Assistance Fund Board will be established, comprising the Mayor, City Council President, Council President Pro Tem, Commissioner of Planning and Development, and Commissioner of Assessment (or their designees). This board will oversee policy, review developer contributions, and ensure compliance.

Developers can earn incentives such as density bonuses or regulatory benefits for providing community benefits like open space, reduced parking near transit, green building features, or community facility space. Alternatively, developers can satisfy their inclusionary obligation through a fee-in-lieu contribution of 5% to the Affordable Housing Assistance Fund. This fee-in-lieu option is consistent with practices in Yonkers and White Plains.

The funds generated will support various housing initiatives, including down payment assistance, preservation of existing affordable housing, gap financing for new developments, housing stock rehabilitation, and programs for workforce and senior housing.