Oakland Proposes Early Payment Incentive
Oakland leaders will consider offering developers a 5 percent incentive for early payment of affordable housing impact fees under a proposed ordinance amendment. Oakland City Council President Rebecca Kaplan hopes the move will more quickly put funds into the hands of affordable housing developers. Typically, market-rate developers pay half the fee when they pull the building permits and the remainder when the city issues certificates of occupancy. The split payment provision has resulted in a 2-3 year lag between market-rate and affordable housing construction, according to the city. The 5 percent discount would apply if the developer pays the full fee at the building permit stage. The Oakland Community & Economic Development Committee of the City Council will consider the proposal at its meeting on Dec. 3, 2019. In addition, the committee will hear a report on the city’s affordable housing impact fee audit. Click HERE for the agenda and associated staff reports. For comments or questions, contact BIA’s Lisa Vorderbrueggen at 925-348-1956.