Livermore’s affordable housing in-lieu fee is scheduled to increase 71 percent from $11.65 per sq. ft. to $19.95 per sq. ft. under the city’s adopted adjustment formula. The new rate is scheduled for a public hearing before the Livermore City Council on Oct. 24, 2016. If approved, it will go into effect in 60 days after the vote. For a 2,000 sq. ft. single-family house, the increase will add $16,600 per unit to the developer's costs and push the total in-lieu fee to nearly $40,000 per home. In Livermore, developers may petition the city to pay an in-lieu fee instead of constructing at least 15 percent of a project’s total units on site. The in-lieu fee is calculated using the difference between the development costs for a market-rate unit and the average of the maximum affordable purchase price between a low-income and moderate-income household. The fee was last adjusted in 2010, when the city dropped the rate 33 percent to reflect the downturn in the real estate market. Click here
to download BIA’s comment letter. For questions or concerns, contact BIA’s Lisa Vorderbrueggen at 925-348-1956 or email@example.com
. Click here
to view the agenda, staff report and attachments.