Term
Below-Market-Rate Housing Fund
Also known as: BMR Housing Fund, Fund 222, Fund 224
Money the City collects from developers under its Below-Market-Rate (BMR) program, restricted to funding affordable housing.
When developers build market-rate housing, the City's BMR program requires them either to include affordable units or to pay into this fund (Funds 222 and 224 in the City's books). The money can only be spent on affordable housing — for example, the City committed about $1.6 million from it toward the 320 Sheridan affordable-housing project. It cannot be used to close the General Fund deficit or to pay for general city services.