Making homes affordable to all Baltimoreans isn?t a pie-in-the-sky dream, says Michael Sarbanes, chairman of the Baltimore City Task Force on Inclusionary Zoning and Housing.
“We?re saying that there ought to be a possibility in any development for the city to be able to pay for moderate- to modest-priced homes to get developed,” Sarbanes said.
If that possibility doesn?t exist, Sarbanes said, affordable housing often is relegated to blighted areas ? or those neighborhoods hit with “disinvestment” where property owners have either abandoned their homes or are not putting money into maintenance and improvements.
Some opponents to the inclusionary zoning and housing recommendations contend growth could be stifled if developers are forced to set aside housing units for lower-income residents. They say the city should offer incentives to those who want to cater to the affordable-housing market.
Sarbanes said his committee?s recommendation to the city allows developers several options to the set-aside, including building housing units at other locations that would be offered below market value, among others.
The goal of the task force, he said, is to help spur affordable housing development for those who earn below the area?s median income, which for a family of four stands at $72,188. At that income level, a home priced at $220,237 is considered affordable, according to traditional financing guidelines that say a person can afford a home valued at three times their annual income.
