The Siloam Springs Planning Commission recommended that the City Board review the proposed Housing Incentive Program at its meeting on Nov. 17.
Look, when you compare this to major metros where getting zoning approved is a years-long headache or developers get chased off by red tape, Siloam Springs is doing the smartest thing possible. The initiative under review offers direct reimbursement to residential developers to construct housing types that market forces just aren’t touching right now. It’s basically saying: the city has the funds to offset the costs so you can build the apartments and duplexes this community actually needs.
The conversation around this actually started well before the official vote at a town hall held at the Siloam Springs Public Library on June 11. Don Bunker, a semi-retired developer who has been building in the area for decades, sat down with Katie Rennard, the executive broker for Century 21 Lyons & Associates, to lay out the reality of the situation on the ground. They were straight with the room about the gap between what local families need and what residential builders seem willing to undertake without a little financial encouragement.
Why developers need a push
Honestly, without some kind of incentive structure, building affordable or higher-density housing often just doesn’t pencil out. It is becoming insanely expensive to break ground on new projects in the area, and small developers get squeezed out by the motivation to build luxury condos instead of workforce housing. By looking at a reimbursement model, Siloam Springs is trying to close that gap.
The Planning Commission’s recommendation puts the ball firmly in the City Board’s court. They have until their November meeting to decide if local taxpayers want to foot that bill. If they approve the review, it clears the path for Siloam Springs to get serious about addressing its housing shortage in a way that respects local economics.
Contact the City Board to share your thoughts on the proposed incentives at siloam-springs.gov.
Source: NWA Democrat Gazette
