The housing shortage continues to dominate the discussion at all levels of government in 2023, and in Stamford, Mayor Simmons is pushing for action. The Mayor recently issued an Affordable Housing Executive Order calling for the equivalent of 1,000 new or substantially renovated affordable housing units by 2025, and the development of 2,443 new units by 2033.
In response, the Stamford Land Use Bureau is undertaking a review of the existing Below Market Rate housing program and analyzing opportunities to implement changes that forward the policies and goals outlined in the Mayor’s initiative. For example, to address the need for larger units at lower affordability levels, the new initiative specifically prioritizes fee-in-lieu payments over onsite development of Below Market Rate housing units. This is a significant departure from historic policy in the City.
Also of note, the Executive Order recognizes the need for tax incentives, government funding opportunities, reduction in fees and increased efficiency in the municipal approval process as well as the necessity of supporting higher density residential development around commercial and transit hubs. Additional details on the Housing Affordability Initiative can be found here: City of Stamford Housing Affordability Initiative
Carmody is actively monitoring the City’s response to this initiative. If you would like to learn more about how these new policies may impact your development goals, please contact:
Lisa L. Feinberg
lfeinberg@carmodylaw.com
203.252.2677
Or any member of Carmody’s Real Estate & Land Use Team.