Community Housing Program, Information for Homeowners
Notice to Owners
In April, 2011 - The Longmont City Council voted to end the Inclusionary Zoning Ordinance, which is the ordinance responsible for the Community Housing Program (the Program). This is the Program through which homebuyers purchased a home at a below market price in exchange for agreeing to affordability restrictions should they sell during the Period of Affordability.
Because the Program is being dissolved, current homeowners will eventually be released from the Program. City Council passed an ordinance allowing staff to release homeowners from the Community Housing Program and all affordability requirements on August 23, 2011. This ordinance went into effect on October 1, 2011.
Because the legal documents that are placed on each affordable property are two-party agreements, homeowners will be required to sign a written form agreeing to be released from the Program. Contact Molly for the form.
Once staff has received a homeowner’s signed agreement to be released, staff will prepare the legal documents for each property and have them recorded with the County Recorder’s Office.
Each year the Community Housing Program sends the Boulder County Assessor’s Office the affordable value of the homes in the Program, which is used as the assessed value to determine a home’s annual property taxes. Once a home is released from the Program, the Assessor’s Office will begin assessing properties at their market rate value. This may result in an increase in a property’s value starting in 2012.
For more information, please contact Molly McElroy at 303-774-4648 or firstname.lastname@example.org.