The many new developments going up around town recently have consisted almost entirely of luxury for sale townhomes, or apartments. Developers pay cash into an affordable housing fund that creates permanently affordable housing for low-income residents (people earning up to $61,320 or 60% Area Median Income-(AMI). However, middle-income residents like teachers, firefighters, and nurses—the backbone of our community—who earn between $81,760 and $122,640, or 80-150% of the AMI in Boulder are not eligible for the city’s permanently affordable housing.
The project at 28th and Jay, however, will create 34 for-sale permanently affordable (deed restricted) middle income townhomes as well as 50 for-sale at market rate townhomes. Planning Board will have a public hearing Tuesday, August 27th on annexation of the 4 acres at 28th and Jay Road that will make this project possible.
The 34 permanently affordable units are intended to add to the city’s middle-income affordable housing stock. Such housing was identified as a critical need in Boulder’s 2016 Middle Income Housing Study. Unfortunately, the stated goal of 1,000 deed-restricted affordable homes set at that time has been unmet.
Townhome owners will own the lots underneath their units, and have shared-wall agreements with neighbors. Both of these features reduce the need for HOA assessments, which have been a significant problem for condominium owners in Boulder’s affordable housing programs—because rising HOA assessments can make a home unaffordable, even if mortgage payments, taxes and insurance remain the same.
Market rate homes in the project consist of 50 duplex, triplex and townhome-style units, ranging in size from two to three bedrooms and 1,000 to 1,800 square feet. The sizes are designed to accommodate households with children while maintaining a relatively small footprint. Also, the current revised concept layout has 59,000 feet of open space, exceeding the 29,917 feet that is required by the city.
The need for middle-income housing in Colorado is so acute that in 2022 a Statewide entity was created to promote it by providing financing opportunities such as issuing bonds and entering into public-private partnerships (see Middle Income Housing Authority). Also, the State has begun subsidizing rental units for middle income families earning as much as $170,000 (see the Colorado Sun article: Subsidizing rent for middle-income families). Nationwide, this trend for funneling subsidies up the income ladder is just beginning and studies to examine potential unintended repercussions are emerging (see Examining support for middle-income housing).
The Planning Board packet for Tuesday’s meeting with the memo on the project is here, pp. 6-22.
How you can get involved
Email Planning Board to express your views. Any correspondence you wish the Board to review is best received via email at least 24 hours prior to the beginning of the meeting. Attend via Zoom Tuesday evening. The meeting in Council Chambers begins at 6:30 PM. The Zoom link is posted here 24 hours before the meeting. Discussion on this project will likely start at around 6:45 PM. This is Item 5A, the only matter set for public hearing.