Business

Broomfield waives $384K in fees to get affordable housing project going


Broomfield officials agreed to waive up to $384,235 in fees so a developer can move forward with plans for 49 affordable apartments near 120th Avenue and Main Street.

Academy Place, a project proposed by Montana-based Summit Housing Group, would be 100 percent affordable for people and families at or below 60 percent of Broomfield’s area median income, which is $89,900 for a family of four.

Fifty percent of the units will be targeted at people making 60 percent of that AMI, which means a rent rage of $945 to $1,309 — rent which Summit senior project manager Sam Long said “doesn’t really exist in Broomfield.” An example of that tenant would be a police officer with a child, or work-force housing.

Twenty-two percent of units will be rented to families at 50 percent AMI or below, which he equated to a teacher with a child.

Twenty-two percent will be for those who make 40 percent AMI, with a rent range of $630 to $873, which could mean a senior on a fixed income.

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Ten percent of the units will be targeted towards individuals and families at 30 percent AMI, which could be wait staff, cooks and others in the service industry.

“Right now, if you are working in Broomfield, you’re not living in Broomfield,” Long said.

The company hopes to break ground in March.

“It is unbelievably exciting to see a true affordable housing project come before us,” Ward 4 Councilwoman Kevin Kreeger said. “A lot of people think of it as being the poorest of the poor, and while those people are in desperate need of housing, this is largely for people like police, firefighters, city staff and teachers.”

To read more of this story go to broomfieldenterprise.com

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Source:: The Denver Post – Business

      

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