23 May, 2019

City closes in on 60 new affordable housing units, but gap still exists.

Fort Collins, Denver is getting one step closer to adding more affordable housing, but it won't be enough to fill the city's expanding need for workforce housing.

Fort Collins is getting one step closer to adding more affordable housing, but it won’t be enough to fill the city’s expanding need for workforce housing.

The city has chosen Indiana-based TWG Development, LLC to design and build about 60 affordable homes on 5 acres it is withdrawing from its land bank.

The homes are intended to be sold to households making less than 80 percent of the Area Median Income, or about $54,500 for a couple and $68,100 for a family of four, said Sue Beck-Ferkiss, the city’s social policy and housing program manager.

TWG Development, which specializes in affordable housing development, was selected through the city’s request for proposals process.

The deal, including sales price, is still under negotiation, Beck-Ferkiss said. The sale won’t close until the project has gone through the city’s development review process.

TWG is currently developing a market and feasibility study to determine whether the project is financially viable, given the city’s affordability mandate.

“Permanent affordability is a lofty goal, but we think TWG’s mix of experience and partnering with us for local knowledge will be a winning combination,”  Beck-Ferkiss said.

Full, original story here.