Watertown Affordable Housing Incentives Study
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a49.72 couple49.8 of49.92 city50.04 Councilors50.52 and51 elected51.24 officials51.56 in51.88 the52.04 room.52.2 Councilor52.52 Piccirilli53.08 over53.64 here,53.8 Councilor54.12 Nicole54.68 Gardner,55.08 state57.16 Rep57.4 Steve57.64 Owens,57.96 and58.36 city58.6 council58.84 president59.24 Mark59.56 Sedaris.59.88 When60.6 I60.84 last61 looked,61.32 Councilor62.3 Bays62.53 and62.53 Palomba62.77 were63.26 both63.41 online.63.73 I64.22 don't64.3 know64.53 if64.61 any64.78 others64.94 have65.25 joined65.42 us65.73 at65.9 this66.06 point,66.14 but,66.45 we67.5 got67.66 a67.9 good67.97 group68.45 of68.69 elected68.86 officials69.25 here.69.58 69.73 And69.73 I69.9 want69.97 to70.22 thank70.22 you70.38 along70.61 with70.86 our71.09 members71.58 of71.9 the72.06 Affordable72.22 Housing72.69 Trust,73.02 members73.33 when79.67 the79.91 city80.07 council80.31 approved80.79 the81.11 Watertown81.27 Square81.83 zoning,82.23 one82.55 of82.79 the82.87 things83.03 that83.27 we83.43 committed83.99 to84.47 in84.79 the84.87 city85.03 administration85.43 was86.23 that86.47 we86.63 would86.71 undertake86.95 a87.35 study87.51 of87.83 incentives87.99 to89.08 promote89.23 more89.8 and90.03 or90.28 deeper90.52 affordable90.92 housing.91.48 Now92.03 I93.48 think93.56 I93.67 know93.8 most94.03 of94.28 you.94.36 I'm94.59 a94.83 city94.92 manager.95.23 I95.64 don't95.8 do96.12 affordable96.44 housing96.92 work97.23 every97.48 day97.72 anymore.103.85 But104.57 as104.57 a104.81 city104.97 planner,105.29 I105.61 spent105.77 20105.93 years105.93 working105.93 with105.93 MAPC.106.17 I106.73 was106.81 on106.97 their107.05 executive107.29 committee107.77 for108.09 a108.25 while.108.41 I108.89 had109.05 a109.13 chance109.21 to109.37 really109.53 get109.77 to109.93 know110.09 the110.25 capabilities110.41 of111.05 the111.21 team111.29 at111.45 MAPC.111.85 And112.33 I112.57 know,112.65 this113.69 consulting113.93 team114.49 has114.65 been114.81 working114.97 hard115.29 for115.61 us116.01 for116.33 quite116.98 a117.15 while117.23 to117.55 address117.78 these118.11 particular118.34 issues.118.75 119.78 They119.78 presented120.03 their120.51 research120.67 findings121.06 in121.47 December.121.63 They're122.34 back122.67 tonight122.83 to123.15 present123.31 preliminary123.7 results124.34 of124.75 the124.91 financial125.06 modeling125.47 of125.94 potential126.11 incentives.126.51 This127.7 won't127.94 be128.1 the128.26 last128.43 time128.67 the128.91 community129.06 will129.47 have129.63 an129.78 opportunity129.94 to130.34 comment130.5 on130.82 this130.99 subject131.15 after131.55 a131.79 final131.95 report132.27 is132.59 submitted.132.75 We133.87 expect134.11 to134.43 have134.59 that134.75 publicly134.99 presented135.47 and136.11 anything136.43 the136.83 administration136.99 proposes137.63 to138.11 implement138.27 in138.67 the138.75 recommendations138.91 would139.71 also139.95 include140.27 a140.59 public140.75 process.141.07 So141.47 there141.79 may142.03 be142.19 a142.27 series142.35 of142.67 recommendations142.83 in143.47 the143.55 final143.71 version143.95 of144.27 the144.35 report.144.51 A144.99 lot145.07 of145.23 them145.31 involve145.55 things145.87 like146.11 changing146.38 zoning,146.78 those147.25 go147.5 into147.66 the147.9 city147.97 council,148.29 into148.85 the149.09 planning149.18 board.149.5 So149.81 there's149.97 a150.22 lot150.29 of150.53 steps151.66 to151.97 this152.13 that152.38 involve152.53 the152.94 public.153.09 This153.41 is154.22 not154.38 the155.01 last155.18 time155.5 you155.74 get155.9 a156.06 chance156.13 to156.46 comment,156.53 but156.85 it157.01 is157.18 great157.5 to157.74 look158.22 at158.46 the158.61 preliminary158.78 and159.57 be159.81 able159.97 to160.22 comment160.38 on160.69 it160.85 before161.01 the161.33 report161.5 comes161.82 out.162.06 163.74 There's163.74 one164.14 detail165.5 I166.06 want167.1 to168.38 share,168.38 maybe168.38 a168.86 little171.18 bit171.5 of172.06 an172.38 inside172.54 detail,173.02 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in235.04 an235.21 existing235.44 two235.84 family236 district,236.49 the236.81 solution236.97 on237.37 an237.6 existing237.76 corridor,238.09 the238.56 solution238.72 in239.04 the239.13 core239.21 of239.44 Watertown239.53 Square,240 the240.41 solution240.49 on240.81 the240.97 Arsenal241.13 Street241.76 Corridor242 may242.88 be243.13 different243.28 depending243.76 upon244.25 the244.49 zoning,244.65 the245.13 built245.28 environment,245.6 the246.16 way246.32 the246.49 districts246.56 work247.13 together.247.37 Where249.65 the250.13 potential250.37 incentives250.85 should251.33 be251.49 applied251.73 is252.21 a252.53 very252.61 important252.93 question.253.41 It's254.85 not255.25 the255.89 conversation256.21 for256.93 the257.17 particular257.33 study257.89 because258.13 the258.45 study258.61 is258.93 a259.09 city259.25 wide259.57 big260.63 focus.261.5 When263.43 we263.67 get263.82 into264.15 the264.46 nuts264.63 and264.94 bolts265.11 of265.5 the265.75 where,265.9 there's267.9 way268.38 more268.71 discussion268.94 to269.43 have269.59 on269.82 that.269.99 270.46 But270.46 I270.63 want270.79 us270.94 to271.11 allow271.43 the271.67 MAPC271.82 team272.71 to273.11 frame273.35 the273.75 research273.9 on274.38 the274.46 market274.63 conditions275.1 citywide275.42 first.276.14 And277.42 then277.58 as277.82 they278.06 deliver278.22 a278.62 report278.78 to279.1 us279.18 and279.34 we279.58 look279.74 at279.9 which280.3 incentives280.62 to281.1 apply281.34 and281.58 how281.82 to281.98 apply282.14 them,282.38 we282.62 can282.7 make282.86 a283.02 determination283.18 about284.22 where284.46 it284.7 may284.86 or285.02 may285.26 not285.42 make285.66 sense285.9 to286.7 apply286.86 an287.18 incentive287.42 and287.9 how288.14 that288.3 might288.54 work.288.78 So290.37 with290.44 that,290.84 I291.32 will291.49 send291.88 it292.2 over292.28 to292.6 our292.84 team293.56 that293.81 is293.96 presenting294.2 tonight,294.76 and296.37 I296.69 will296.84 let297.08 them297.32 introduce297.72 themselves298.13 and298.76 share299 everything300.52 that301.16 they301.4 have301.64 to301.81 share.302.04 And,302.52 on303.87 behalf304.11 of304.23 all304.35 of304.59 us304.75 in304.91 the304.99 city305.15 administration,305.47 the306.59 city306.75 manager,307.07 the307.47 community307.63 development307.95 and308.35 planning308.43 team,308.83 I309.63 want309.79 to310.35 thank310.35 you310.59 all310.75 for310.99 coming311.31 out311.55 tonight311.71 and312.03 giving312.27 this312.51 presentation.312.67 Alright.313.31 Thank313.79 you.314.03 322.25 ADAM322.25 PLOETZ322.25 -322.25 MAPC322.25 -322.25 Good322.25 evening,322.56 everyone.322.88 Thank324.73 you324.88 for325.05 that325.2 introduction,325.44 George.325.85 I326.25 appreciate326.32 it.326.64 And326.88 thank327.05 you327.2 for327.37 the327.52 framing327.69 of328.4 what329.44 this329.76 is330.73 and330.96 is331.2 not331.37 doing331.61 kind331.93 of332.08 from332.17 a332.32 big332.4 picture332.56 perspective.332.96 It's334.2 good334.36 to334.44 be334.68 back334.76 in335 Watertown.335.24 My335.96 name336.2 is336.44 Adam336.76 Ploetz.337.08 I'm337.48 the337.64 housing337.8 manager338.12 at338.52 MAPC.338.68 I'm339.88 joined340.12 tonight340.44 by341.48 Emma341.64 Udelovich,341.96 a343.4 regional343.56 housing343.96 and344.28 land344.44 use344.68 planner,344.92 with345.64 MAPC,345.96 and346.68 Evelyne347.56 St-Louis,347.88 a347.88 principal348.04 planner348.52 with348.92 MAPC.349.24 And,349.88 we're350.93 going351.08 to351.32 be351.32 talking351.4 a351.65 little351.73 bit351.96 about352.29 the353.08 project,353.32 what354.21 we've354.37 been354.52 working354.76 on355 since355.17 we355.4 last355.73 met356.05 with356.37 some357.56 of357.81 you.357.96 Certainly,358.29 there359.08 were359.4 new359.4 faces359.56 in359.81 the359.88 crowd360.05 too,360.37 but360.61 we360.76 were360.93 back361.08 here,361.81 we362.61 were362.76 here363 first363.32 in,363.73 I364.47 want364.63 to364.87 say364.87 December364.95 where365.59 we365.83 talked365.99 about366.15 some366.31 preliminary366.63 findings.367.91 369.75 The369.75 agenda369.91 tonight370.47 is371.35 to371.59 provide372.55 a372.87 brief373.03 project373.27 overview373.75 of374.71 the375.59 project,375.83 and377.07 then377.24 we're377.4 going377.56 to377.8 get377.8 into377.96 kind378.84 of379.07 the379.16 work379.31 we've379.56 been379.8 doing379.96 since381.07 our381.48 meeting381.63 in382.04 December,382.28 which383.31 includes383.63 reviewing384.84 our385.63 market386.12 rate386.44 financial386.68 feasibility387.16 analysis,387.72 looking388.95 at389.19 our389.67 Pro390.39 Forma390.55 model,390.55 looking390.95 at391.27 a391.43 buy391.59 down391.83 model,392.07 talking392.55 about392.79 some393.03 preliminary393.19 takeaways,393.83 and394.79 then394.95 also395.51 looking395.99 at396.39 our396.79 100%399.75 affordable400.31 housing400.71 development401.03 sources401.51 and402.44 uses403.1 analysis,403.75 and404.42 talk404.62 about404.67 preliminary404.73 takeaways404.78 from404.84 that404.89 research.405.06 And405.38 then405.69 what405.85 we're406.01 talking406.33 about406.65 we'll406.65 be406.89 talking407.06 about407.38 next407.69 steps,407.94 as409.13 we409.21 move409.45 towards409.69 the410.1 conclusion410.25 of410.74 this410.89 project.411.13 So413.54 a413.94 brief414.1 project414.41 overview.414.89 416.69 The416.69 purpose416.93 of417.25 this417.41 study417.65 is418.45 to418.61 assess418.77 voluntary419.41 incentives419.97 that420.77 would421.01 encourage421.17 either421.89 or422.93 both423.17 market423.89 rate424.21 developers424.45 to425.09 produce425.25 more426.21 or426.61 deeper426.85 affordable427.49 units428.69 than429.4 is429.56 already429.81 required430.05 by430.69 Watertown's430.93 existing431.64 mandatory432.2 inclusionary432.76 zoning433.4 policy.433.81 And434.76 the434.93 other435.08 piece435.32 of435.56 this435.73 is436.37 looking436.85 at437.17 ways437.32 to437.73 get438.37 greater438.61 production438.93 of439.64 affordable439.88 housing440.37 developments,440.69 which441.17 are441.4 generally441.64 100%442.2 affordable,442.85 often444.2 kind444.76 of445 like445.08 light445.38 tech445.62 projects445.78 or446.18 light446.42 tech446.58 deals.446.82 I450.18 think450.26 it's450.42 important450.66 to451.7 frame451.86 this452.1 in452.34 Watertown's453.14 existing453.78 policy454.1 context.454.66 So455.46 on455.7 one455.94 hand,456.1 we456.42 have456.58 this456.74 mandatory458.1 inclusionary458.66 zoning459.22 policy.459.62 There's461.54 the461.77 threshold462.01 there,462.5 is463.77 new464.1 developments464.25 with464.74 a464.89 minimum464.98 of465.38 six465.45 units.465.69 466.41 There466.41 is466.65 a466.81 differentiation466.98 between467.69 small468.1 scale468.41 development468.74 and469.29 medium469.54 to469.94 large470.01 scale470.25 development470.57 in471.06 relationship471.21 to472.1 the472.89 percentage473.8 required474.12 units474.68 as475.24 well475.4 as,475.8 the476.6 AMI477.32 point477.8 they're478.2 looking479 to479.32 target.479.48 So481 that's481.24 one481.48 piece481.64 of481.88 it.482.04 And482.28 then482.52 also482.68 looking483.08 at483.56 the484.68 incentives484.92 or485.93 taking486.16 inspiration486.25 for486.32 some486.96 of487.13 the487.2 incentives487.37 for487.76 affordable488 projects488.4 in488.81 Watertown488.96 Square.490.16 And490.64 there491.69 you491.93 have492.08 multifamily492.64 projects493.37 with494.16 at494.4 least494.49 50%494.72 of495.28 units495.37 affordable495.85 at496.4 80%496.56 AMI497.13 are497.52 eligible497.6 for498 incentives,498.25 which498.81 include499.13 things499.76 like500.16 additional500.85 floors.501.41 One502.61 additional502.93 floor,503.41 if503.97 its504.21 affordable504.45 units504.77 are505.09 at505.17 less506.21 than506.45 80%506.53 AMI,507.01 two507.41 additional507.57 floors507.97 if508.29 they're508.45 at508.61 less508.85 than509.01 60%509.17 AMI,509.89 and510.53 also510.77 kind511.41 of511.65 a511.81 ratio511.97 of512.53 reduced512.69 parking513.09 based513.65 on,514.13 through515.17 a515.41 special515.49 permit.515.89 518.18 So518.18 the518.43 context518.67 here519.14 in520.18 relation520.43 to520.83 the520.9 study521.14 is521.63 we've522.5 got522.83 these523.14 Watertown523.38 Square523.95 incentives524.59 that525.23 already525.47 exist.525.87 We're526.9 using527.23 that527.63 to528.11 kind528.35 of528.43 study528.84 some529.4 additional529.64 voluntary530.04 incentives530.52 that531.32 aren't531.64 specific531.96 to532.52 Watertown532.76 Square533.24 or534.2 other534.52 neighborhoods534.84 necessarily,535.48 but536.12 we536.28 are536.36 looking536.52 outside536.84 of537.16 Watertown537.32 Square.537.8 Like,538.12 what's538.28 the538.52 context538.68 for539.08 those539.24 things539.48 to539.72 work539.8 outside540.04 of540.44 the540.52 square?540.68 And541.42 then541.58 looking542.13 at542.54 our542.77 preliminary542.93 takeaways,543.5 I543.98 think544.05 George544.22 kind544.54 of544.7 referenced544.93 that545.34 these545.98 takeaways546.22 are546.7 certainly546.93 not547.34 site548.13 specific,548.46 but549.89 they550.13 could550.38 be550.62 tailored550.77 to551.34 specific551.74 zoning552.13 districts552.62 within553.1 Watertown.553.5 A556.42 recap556.66 of557.06 what557.22 we've557.38 already557.62 done.557.94 So558.9 this559.14 is559.3 the559.38 work559.54 that559.78 we559.86 discussed560.18 with560.74 you560.9 all561.06 in561.3 December.561.46 562.9 We562.9 did563.14 a563.3 zoning563.46 assessment563.78 to564.5 identify564.66 regulatory565.14 constraints565.7 to566.18 housing566.34 production566.66 and567.38 where567.62 zoning567.86 relief568.26 may568.58 be568.74 considered568.9 as569.3 an569.54 incentive.569.7 We571.02 did571.18 a572.07 slew572.38 of572.63 case572.79 study572.95 research573.26 of574.38 voluntary574.63 affordable575.18 housing575.59 incentive576.07 programs576.54 in577.02 other577.26 municipalities577.5 both578.38 in578.63 Massachusetts579.35 and580.23 out580.63 of580.79 state,580.95 to581.99 help582.3 inform582.63 the583.35 decisions583.42 that583.9 Watertown584.14 will584.63 be584.71 making584.87 on585.18 this585.26 issue.585.5 We586.48 interviewed586.8 market587.68 rate588 developers588.24 who589.28 have589.44 done589.68 projects589.92 in590.56 Watertown590.72 to591.36 understand591.52 market592.08 conditions592.48 and,593.2 kind594.56 of594.88 gauge595.12 an595.44 interest595.68 on596.08 the596.72 kind597.52 of597.76 different597.84 incentives598.16 that598.72 are598.88 possible.599.04 We600.04 also600.21 interviewed600.52 with600.92 affordable601.09 housing601.49 developers601.88 for602.61 the602.76 same602.85 reason.603.8 604.04 And604.04 also604.04 to604.28 talk604.45 with605 them605.16 about605.33 barriers605.57 to605.88 affordable606.04 housing606.52 production606.76 in607.49 Watertown,607.64 and608.76 again,609 interest609.4 in609.96 different610.28 potential610.61 incentives.611.09 And612.22 we612.54 also612.7 discussed613.18 some613.9 work614.06 we614.38 did614.54 through615.02 a615.18 focus615.34 group615.66 with616.06 Watertown's616.86 planning617.42 and617.74 zoning617.9 board618.3 membership,618.54 again,620.06 to620.38 get620.54 kind620.86 of621.02 the621.18 municipal621.5 side622.06 of622.3 the622.38 equation622.54 on623.02 this,623.18 to624.18 talk624.26 about624.5 again624.66 kind625.07 of625.3 how625.7 the625.87 review626.02 process626.35 went626.75 as627.23 well627.46 as,627.87 kind628.99 of629.23 different629.38 set629.78 of629.95 options.630.18 I'm631.38 going632.11 to632.99 ask632.99 Emma633.3 Udelovich633.63 to634.18 come634.26 up,634.42 and634.58 she634.82 is634.99 going635.14 to635.38 kind635.54 of635.78 review635.95 our636.58 market637.23 rate637.63 financial637.95 feasibility638.35 analysis.638.9 So,639.46 Emma,639.92 the640.12 floor640.32 is640.56 yours.640.72 Thank641.2 you.641.36 643.28 EMMA643.28 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Thursday March 26, 2026