The Redevelopment Authority of the City of Lancaster (RACL) passed a resolution on Aug. 18 adopting a policy for instituting affordability requirements for properties sold by RACL's to developers. Resolution 20-8-19 passed unanimously at RACL's virtual meeting.
Developers buying properties from the RACL are now required to sell those properties to someone whose annual family income is at or below 80% of the Lancaster County Area Median Income (AMI) at the time of the sale or rent the property to a tenant whose annual family income is at or below 60% of the Lancaster County AMI. Whether a property is sold by or rented from RACL, affordability restrictions will remain on it for 15 years.
This resolution replaces Resolution 10-7-30, which required residential properties sold by the RACL to be owner-occupied through a deed restriction. The new resolution provides more flexibility for redevelopers while ensuring that RACL properties remain affordable.
The initiative is expected to add an average of seven affordable units in Lancaster city annually.
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