Grace Community Church, Loveland Housing Authority and Habitat for Humanity will partner with Aspen Homes and Brinkman Partners to produce 206 for-sale and rental homes for primarily low to moderate income Loveland residents. Grace Gardens at Derby Hill will be the first to utilize both the new Unified Development Code and changes made to the Affordable Housing Code in 2017.
The development will feature multi-family, townhomes, duplexes and single-family homes, with housing opportunities from 30 to 120 percent of AMI. 32 homes will be Habitat for Humanity homes intended for residents between 35 and 69 percent of the AMI. Aspen Homes will build 30 homes for residents between 70 and 120 percent of AMI. The project will also include 144 rental units for residents making 30-60 percent of AMI.
The developers face a $1.15 million funding gap. In order to make the project feasible, they will be asking for fee waivers. The two private sector partners, Brinkman Partners and Aspen Homes will need incentives to be able to sell homes at the proposed target prices. In addition, staff told the City Council the development will require a “significant amount of infrastructure.” The biggest challenge will be expanding the storm drainage system.
The project was presented as an information item only on June 26. Future approvals, including incentives and fund waivers, would go through a formal hearing process. The project has been through a concept review, but this is just the first step in the approval process.