Real Estate Update: New Inclusionary Housing Exemption for Qualified Student Housing Projects

On December 14, 2010, the San Francisco Board of Supervisors amended its Inclusionary Housing Ordinance to exempt “Qualified Student Housing Projects” from inclusionary housing requirements.  Qualified Student Housing is housing that is owned or leased for a period of 20 or more years by an accredited post-secondary educational institution in which at least 30% of the beds are occupied by students who receive or are eligible to receive certain types of need-based financial aid.  To qualify for the exemption, the project must also meet the following requirements: (1) the project will not result in the loss or conversion of existing housing, including rental housing and dwelling units; (2) an Institutional Master Plan (IMP) is on file for the educational institution which contains the required additional information related to student housing; and (3) a Notice of Special Restrictions is recorded against the property.

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