The City of Fort Collins has entered into an Exclusive Negotiating Agreement with TWG Development, LLC to design and construct affordable for-sale homes on a five-acre parcel in south Fort Collins.
The parcel is part of the City’s Land Bank Program, through which the City acquires, holds, and sells real property to help housing providers build affordable rental and ownership housing. The “bank” currently consists of four properties. The City sold a fifth parcel in 2017 to Housing Catalyst who built the 96-unit Village on Horsetooth.
“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,” said Sue Beck-Ferkiss, Social Programs and Housing Policy Manager for the City of Fort Collins.
TWG Development, LLC is an experienced real estate development company specializing in affordable housing development. While TWG is based in Indiana, they will use the expertise of local team members as well as community involvement to make this a successful project and provide affordable homeownership opportunities in Fort Collins.
Ryan Kelly, Acquisitions Director for TWG said, “We see Colorado as a great market for affordable home ownership. This development will be an asset to the community for generations”.
The next step is a market and feasibility study to determine whether the proposed project is viable under the conditions proposed by the City. The Exclusive Negotiating Agreement has several milestones for the parties to assure the project is financially feasible for the target population.
The City plans to sell the land to TWG to produce about 60 new homes for families making no more than 80 percent of the Area Median Income ($54,500 for a couple; $68,100 for a family of four).