Broomfield officials agreed to waive up to $384,235 in fees so a developer can move forward with plans for 49 affordable apartments near 120th Avenue and Main Street.
Academy Place, a project proposed by Montana-based Summit Housing Group, would be 100 percent affordable for people and families at or below 60 percent of Broomfield’s area median income, which is $89,900 for a family of four.
Fifty percent of the units will be targeted at people making 60 percent of that AMI, which means a rent rage of $945 to $1,309 — rent which Summit senior project manager Sam Long said “doesn’t really exist in Broomfield.” An example of that tenant would be a police officer with a child, or work-force housing.
Twenty-two percent of units will be rented to families at 50 percent AMI or below, which he equated to a teacher with a child.
Twenty-two percent will be for those who make 40 percent AMI, with a rent range of $630 to $873, which could mean a senior on a fixed income.
Hike in retail marijuana tax is part of Denver’s plan to turbo-charge its $15 million-a-year affordable housing fund
Single-family homes converting to rentals faster than apartments in Denver and Aurora
The Spot newsletter: Fireworks in the governor’s race, how a trade war could impact Colorado, Denver’s affordable housing program faces big problems and more
Colorado’s $28.9 billion state budget advances after budget writers zero out several proposals
The unlikely link between the Front Range’s abandoned shopping carts and rising home prices
Ten percent of the units will be targeted towards individuals and families at 30 percent AMI, which could be wait staff, cooks and others in the service industry.
“Right now, if you are working in Broomfield, you’re not living in Broomfield,” Long said.
The company hopes to break ground in March.
“It is unbelievably exciting to see a true affordable housing project come before us,” Ward 4 Councilwoman Kevin Kreeger said. “A …read more
Source:: The Denver Post – News