by North Forty News Staff | NorthFortyNews.com
Two acres on Laporte Avenue secured for future permanently affordable homes
FORT COLLINS — The City of Fort Collins has added two acres to its Affordable Housing Land Bank, strengthening long-term plans to expand permanently affordable housing options in Northern Colorado.
The newly acquired parcel at 1900 Laporte Ave. will be held for future development, allowing the City to secure land now in an escalating real estate market and position it for affordable housing when infrastructure and community growth align.
Through the Affordable Housing Land Bank Program, the City purchases land before development, then sells it to qualified affordable housing developers with restrictions that ensure permanent affordability. The strategy is designed to create stability for residents who may otherwise be priced out of the region.
“The City is one of many partners required to make affordable housing options a reality for at least some residents in our community — land banking is planning for future needs now,” said Sue Beck-Ferkiss, the City’s Social Policy and Housing Programs manager.
The Land Bank Program currently holds five parcels. Since its creation in 2002, the program has purchased seven properties and sold two, which were developed into the Village at Horsetooth and Birdwhistle Townhomes. Parcels are typically held for at least five years, with some retained for more than 15 years before development.
The Laporte Avenue property was acquired as part of a larger purchase by the City’s Natural Areas Department. The site includes an existing house and outbuildings that will be rented as a residence until redevelopment occurs.
City officials say land banking provides flexibility and cost certainty in a rapidly growing community, helping ensure that future housing projects remain within reach for working families and longtime residents.
More information about the program is available at https://www.fcgov.com/affordablehousing.
Make North Forty News part of your morning. Get Northern Colorado’s top stories, weather, and events every day at 5 a.m. in our Daily Update.
Attribution: City of Fort Collins