Haverhill City Council Approves Buyout Option for Developers

The Haverhill City Council voted to approve a buyout fee that developers would have to pay to the Affordable Housing Trust to opt out of building affordable units. In a 6 to 2 vote, with Councilors Jordan and Bevilacqua in opposition, the City Council approved a $50,000 fee per buyer owned units, and $35,000 fee for rental units.

As a reminder, the Haverhill inclusionary zoning ordinance requires 10% of the units in a development project with 10 or more units to be affordable at 80% AMI. The developer has a choice to build the affordable units on site, with a density bonus to offset the cost, or make an in-lieu of payment to the recently established Haverhill Affordable Housing Trust.

In addition, the Haverhill City Council voted 7 to 1, with Councilor Mitchinson in opposition, to require the in-lieu of fee to be paid to the Affordable Housing Trust at the time of occupancy rather than at the issuance of the building permit.

Updates related to Haverhill inclusionary zoning ordinance will be posted on the NSR blog.