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- it is worth taking a closer look at other ways that 5. Rising Homeownership Association jurisdictions may be able to offset higher per-unit and Condominium Fees development costs,in addition to the venerable density bonus. Promising ideas include: Arelatedchallengeto the higher costs ofinfilldevelopment is the rising cost of homeownership association (HOA) • streamlining the entitlement process to reduce fees and special assessments in multifamily buildings. risks (for example, the risk that a hoped-for zoning variance may not be granted); A growing number of high-amerity, luxury developments are being built in urban settings.Multiple jurisdictions have • relaxing lot coverage, public space, and parking had problems with HOA fees in these and other properties requirements in these settings; rising beyond what owners of inclusionary units can afford. • facilitating off-site construction of inclusionary units Often the challenge is not so much that fees are prohibitively within a mile or less of the market rate development; high at the initial point of sale,since fees are often part of the overall price calculation for inclusionary for-sale units, • allowing slightly higher rent payments and/or and accordingly must be affordable for targeted income higher income targeting for inclusionary units in brackets. The bigger challenge is that HOA and condo these settings; associations will increase fees arid assessments once the developer is out of the picture. Inclusionary owners get • reducing the inclusionary requirements for tall outvoted and find themselves shouldering substantial fees buildings;and that can sometimes rival mortgage payments. • providing property tax abatement and other Rising fees and special assessments undercut the financial assistance for these developments. affordability of inclusionary units for both existing owners The applicability of each offset will certainly vary from and future homebuyers.Jurisdictions struggle to prevent place to place, as high market prices and tall height or even just stay apprised of these cost increases.And for limits in some communities may allow developers to jurisdictions committed to maintaining the affordability absorb higher per-unit costs more easily than in other of their inclusionary housing stock - ownership as well communities. as rental - the cost of offsetting higher fees can be exorbitant, compromising a municipality's ability to promote affordability elsewhere in its jurisdiction.51 The recently completed Wesmont Station community it Wood-Ridge(NJ)is walking distance to a new transit station under construction, and includes 15 percent of homes .. 4)r affordable to low and very low income households. .i l . -, , ^ e' ! b 14' ^�N ''°1 jam... 141,1 v !.1, ` , P .. ,� d t I�l 7 xa x ' j;4 i'' I r" 0 10