How will Bowen be able to create affordable housing?
The municipalitys strategy is a straightforward approach whereby a number of conditions are created to deliver affordable housing. It involves the municipality acquiring land at little or no cost, such as property transferred through development contributions, or attained from private donations. Quality housing for rent or ownership is built on a cost neutral basis. That is, the units will be sold for the amount of money they cost to build, including design and construction. With the target cost of producing a home for $200 per square foot, a home of 1,000 square feet could be offered for purchase as low as $200,000. Once determined, the value of the home will not significantly increase, as it will be subject to covenants held by BIM or a municipal housing organization.
