Peabody's 25% Affordable Housing Requirement Lowered to 20%
Posted on July 17th at 9:03pm.
In April, it was voted by City Council to create a requirement of 25% affordable housing units for large developments. At the same time the building height allowance was also raised to 5 floors.
After just 12 weeks those numbers have been voted to come back down. First, the building height allowance was taken to 4 floors instead of 5. Then on July 11th the Industrial & Community Development Committee, a sub-committee of the City Council, unanimously voted to lower the affordable housing percentage from 25% to 20%.
Curt Bellavance, the Community Development director, is quoted as saying: “We are looking for a compromise to get it to 20 percent” referring to the original 15% sought by the city and the 25% decision of the council.
The revised rule will go to the Planning Board and then to a public hearing from there.
Read the full coverage of before and after this decision in the Item here and here.