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City of Longmont, Affordable Housing Programs

Affordable Housing Fund, CDBG

Affordable Housing Fund: This loan pool works to expand housing opportunities in the City for low and moderate income families. The Fund is capitalized both from the City's General Fund and from "In lieu of" payments made by developers and builders. Criteria for the funds are that 1) they would be leveraged with other private or public funds; 2) they would be repaid and would revolve to be loaned again; and 3) the funds would be used to meet a community need.

The following summarize projects completed using the Fund, those in progress, and new projects approved but not started:

Completed Projects
Type of Project
No. of Units
Owner/Renter
Income
Amount
Acquisition of Existing Units - Terry Street Apartments
24
Rental <50% AMI
$50,000
Habitat for Humanity (Baker Street) - Acquisition of Land for new construction
2
Owner <40% AMI
$25,000
Acquisition of Existing Units - Parkville Apartments
76
Rental <50% AMI
$53,000
Acquisition of Land & Infrastructure - Aspen Meadows
50
Rental <50% AMI
$34,000
Acquisition of Existing Units - English Village Apartments
32
Rental <50% AMI
$33,000
Habitat for Humanity (Spencer Street) - Acquisition of Land for new construction
4
Owner <40% AMI
$240,000
Down Payment Assistance
2
Owner <80% AMI
$12,000
Wedgewood Apartments - Rehab of Existing Units
16
Rental <50% AMI
$128,464
Hover Ridge Senior Apartments - Land Acquisition
100
Rental <50% AMI
$773,500
Habitat for Humanity (Quail Ridge) - Land Acquisition
4
Owner <40% AMI
$195,000
Acquisition of Existing Unit
1
Owner <50% AMI
$32,000
Thistle Community Housing - The Cannery Apartments Acquisition
94
Rental <50% AMI
$140,000
ASI Housing for Disabled - New Construction
18
Rental <30% AMI
$714,696
Village Place - Preservation of existing rental housing
72
Rental <50% AMI
$600,000
Totals
495
   
$3,030,660

 

Projects in Process
Type of Project
No. of Units
Owner/Renter
Income
Amount
New Construction - Blue Vista
100
Owner <70% AMI
$1,350,000
LHA Tenant-based Rental Assistance
10
Rental <30% AMI
$130,000
Housing Rehab Program - Preservation of Existing Owner
8
Owner <80% AMI
$150,000
Foreclosure Prevention Program - Preservation of Existing Owner
4
Owner <80% AMI
$20,000
Rental Rehabilitation Program - Preservation of Existing Rental
9
Rental <50% AMI
$100,000
Payment Buy-down for Rental Home
1
Rental <40% AMI
$40,000
Totals
116
   
$1,790,000

Contact: Kathy Fedler, CDBG and Affordable Housing Programs Coordinator, (303) 651-8736, email: kathy.fedler@ci.longmont.co.us