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Last month, the City of Fort Collins sold a parcel of land, part of its “affordable housing land bank” to be developed for affordable, for-sale housing. The land was sold to a development partnership led by Indiana-based TWG and includes Elevation Community Land Trust (ECLT) from Denver and Housing Catalyst from Fort Collins.
The 5-acre parcel located at 3620 Kechter Road was purchased for the City’s land bank in 2002. TWG will construct 54 townhomes on the land and sell them to ECLT who will retain ownership of the land but sell the homes to qualified low-wage-earning households. This will be the City’s first permanently affordable, for-sale affordable housing development.
“The location of this property between two schools and two parks makes it ideal for this townhome community. Generations of families will benefit from the housing built there,” said Sue Beck-Ferkiss, who manages the Land Bank Program for the City.
The City of Fort Collins Land Bank Program buys and holds land for the future development of affordable housing. The program is Fort Collins’ only long-term affordable housing incentive. Between escalating land prices and the realities of a fixed Growth Management Area (GMA), this program ensures land will be available in the future to increase the stock of affordable housing homes.
A groundbreaking celebration for the Kechter project will be held in February 2022.