California is one of the most expensive housing markets in the country. Because the minimum annual salary required to purchase a median priced home is more than $100,000, only 14% of California households can afford one. That leaves many hard working people – from teachers and first responders to clergy and restaurant servers – unable to rent even a two-bedroom apartment for their families. Providing affordable housing in the very communities where people work is the solution.
Inclusionary housing programs require that new developments provide a percentage of affordable units, and may provide incentives to developers for voluntary inclusion of affordable units. Jamboree’s strategic financial partnerships and resources allow us to collaborate with master developers to help secure financing and achieve their inclusionary housing goals.
Incentives for master developers include:
- Density bonuses
- Expedited permitting
- Relaxed requirements
- Financial assistance
Community benefits include:
- Healthier, more diverse and inclusive communities that actually get units built (see what's working in areas like San Francisco)
- Cities that have a wide spectrum of housing to offer their residents
- Recruit and maintain employees for low- or middle-income jobs that keep a community running
- A collaborative strategy for inclusionary housing that developers, local governments, and nonprofit agencies can use together to solve the affordable housing crisis in California