An Example of what Bill 7 Can Mean for a 5,000 Square Foot Property
What can be built on a 5,000 square foot lot that qualifies for Bill 7 incentives? Every property is unique, so we encourage you to contact us for a quick analysis of your property; but here is a sample of what might be possible.
If we start with a 5,000 square foot lot measuring 50’ by 100’ and a 60-foot height limit, the street front setback is 10 feet and side setbacks are 5 feet. The ground floor can be used for parking spaces, rental apartments or commercial space if the underlying zoning allows commercial use. (Note that tax incentives and fee waivers apply ONLY to the portion of the project that is to be rented to tenants who earn 80% to 100% pf Area Median Income for qualifying rents.)
With an allowable Floor Area Ratio (FAR) of 4.0, a 5,000 square foot lot might support a 20,000 square foot building with up to 25 apartments. The maximum number of apartments that can be built is calculated by dividing the maximum allowable FAR by a factor of 800 and rounding down to the next whole number.