The City Council talked about affordable housing at its July 12 study session. Unfortunately, the discussion did not get very specific because a wide variety of topics were brought up, including how to address homelessness. However, the Council did finally determine it is willing to consider repealing the current affordable housing code (Municipal Code Ch. 16.43) which allows developers to apply for fee waivers for affordable projects but prevents the Council from adopting a predictable budget. The Council also voiced consensus for ensuring Habitat for Humanity and the Loveland Housing Authority receive regular annual funding.
The code also stipulates that affordable housing developments receive expedited development review. It requires affordable units to be dispersed throughout a development and places a 20-year deed restriction on each unit. It also stipulates that owners of affordable units must repay the City if they sell their home on the free market before the end of the 20-year deed restriction. Expect to see this topic scheduled again soon for a regular Council meeting so formal action can be taken.
IRES MLS: Come Home to Colorado 