For the first time since the City’s land bank was created in 2001, an affordable housing program may be developed on land bank property. Tuesday night the City Council approved a resolution authorizing staff to move forward on the contract to sell a parcel located at 1506 W Horsetooth to the Fort Collins Housing Authority (FCHA).
The project will create 96 rental units for residents who make between 30 to 60 percent of the area median income, allowing the FCHA to utilize a variety of funding sources, such as the low-income housing tax credit. FCHA also plans to utilize HUD CDBG disaster assistance funds to finance the development.
Staff will ultimately be bringing an ordinance forward for City Council consideration that would approve the final development project and authorize the sale of the property. Any required Code changes would also be brought forward at that time. FCHA’s application to the Colorado Housing and Finance Authority (FCHA) for tax credits and funding is due on February 2.