Neighbors press developer on affordability levels and AMI

Several board members and residents pressed the presenter on whether the project's affordability bands would match local incomes and whether private developers could set lower rents. Richard Bass said mandatory affordability levels are driven by HPD and federal rules and that the likely option would be 25% of residential square footage with an average around 60% AMI. "These numbers may not address the true income in this neighborhood, but this is what HPD and the federal government dictate," he said.

A member of the public, Ashley Smith, asked whether HPD was funding the project; Bass replied that the project relies on private equity with regulatory agreements overseen by HPD but without HPD direct construction funding. Multiple speakers noted that the MIH options and financing constraints limit how much the committee or the developer can change AMI bands absent changes to federal or city policy.