Earlier this year, Councilman Jim Stowe and I initiated an effort to adopt an affordable housing policy for New Rochelle. Yesterday, the City Administration presented the Council with draft legislation intended to accomplish our objectives. If you are interested, you can find a copy of the draft legislation here: AffordableHousing_Oct05.pdf. As you will see, we intend to facilitate the construction of median and moderate income dwelling units in conjunction with new housing development, while utilizing the proceeds of a new housing opportunity fund to create or rehabilitate dwelling units for individuals and families of low to moderate income. I believe the approach we have outlined is creative, effective, and flexible, and that it will expand housing opportunities in our community without discouraging much-needed investment on the part of builders and developers. It is likely that this legislation will continue to evolve as we move towards final adoption late this year or early next. Of course, I welcome your comments and questions.
