Bloomington Mayor Kerry Thomson wants to encourage developers to build more single-family homes that lower-income residents can own rather than rent.
Thomson proposed changes to the city’s affordable housing incentives this week that, she said, could help ensure these homes are actually built.
Mayor Thomson wants to require developers to make 15 percent of single-family homes owner-occupied to get the incentives.
While apartment buildings would still have deed restrictions to ensure they’re affordable in the future, Thomson said these restrictions shouldn’t be placed on single-family homes.
She said banks don’t tend to lend money for houses when they have income restrictions because there is a limited market they can sell to — and that could prevent them from getting built.
“If we want people to actually be able to climb out of poverty and end generational poverty, the way that we do that in this country frequently is through ownership," Thomson said.
Thomson said there are other ways Bloomington could assure they’re affordable without jeopardizing the city’s goals.
The council will take up the issue at its meeting on February 4th.
