Housing Crisis: Reno Mayor Schieve Unveils Plan To Incentivize 1,000 New Homes In 120 Days
Jason Hidalgo with the Reno Gazette Journal reports on Reno’s plan to build 1,000 homes in 120 days.
“We’re trying to spark development now, not tomorrow,” Schieve told the Reno Gazette Journal. “We need housing now so we want developers to come to the table now because housing takes a long time to build.”
To entice development, Schieve’s proposed pilot program essentially defers any fee collected by the city — sewer fees, road infrastructure impact fees and the like — toward the back end of the project cycle.
The idea is to free up capital for developers at the beginning of the project and make it easier for them to deal with the high cost of development, whether it be financing or the holding costs associated with owning land or property. Projects with 30 or more units, including townhomes, condos and apartments, will be eligible for the proposed program.
“I think the fees amount to about $8,400 per door,” Schieve said. “That’s a lot of money.”
Read more here.