HomeMy WebLinkAboutMemo - Mail Packet - 07/01/2025 - Memorandum from Sue Beck-Ferkiss re Updating Various Provisions of the Code Related to Affordable Housing
Memorandum
Date: June 23, 2025
To: Mayor and City Councilmembers
Through: Kelly DiMartino, City Manager
Tyler Marr, Deputy City Manager
Jacob Castillo, Chief Sustainability Officer
Vanessa Fenley, Sr. Housing Manager
From: Sue Beck-Ferkiss, Social Policy and Housing Programs Manager, Social
Sustainability, sbeckferkiss@fcgov.com
Subject: Follow Up to June 17th Council Meeting Agenda Item #10 – Updating Various
Provisions of the Code Related to Affordable Housing
A request was made to provide a chart comparing the current code requirements to those that
are changed by the Ordinance if it is passed on Second Reading. Further, that request asked
for current information about area median income.
1. Affordability Terms table:
AH =Affordable Housing
AMI= Area Median Income
Current
definition
New
definition
Current
minimum
affordability term
New
affordability term
Rental Homes
priced to no
more than 80%
AMI
units priced to
60% AMI
or
20% of total units
AMI
for a minimum of
20 years
for a minimum of
60 years
Docusign Envelope ID: BE479D19-39D4-4D68-9EDA-A59902F4FAAB
Current
definition
New
definition
Current
minimum
affordability term
New
affordability term
For-sale Homes
units priced to
no more than
80% AMI
units priced to
80% AMI
or
20% of total units
AMI
for a minimum of
20 years
for a minimum of
60 years
As the table demonstrates, the new definitions are more nuanced, provide greater flexibility and
options for affordable housing developers, and require a 60-year minimum affordability term, in
alignment with the updated land use code.
2. Area median income
The Department of Housing and Urban Development publishes income limits annually. They list
the income limits for the Fort Collins/Loveland Metropolitan Statistical Area based on household
size and area median income (AMI) level. See attached chart. The 2025 AMI for a family of 4 at
100% is $127,600.
Attachments
1. 2025 Income Limits
Docusign Envelope ID: BE479D19-39D4-4D68-9EDA-A59902F4FAAB
2025 Income Limits
Income Limits (effective date: 4/01/2025)
2025 Median Income: $127,600
(Fort Collins/Loveland Metropolitan Statistical Area)
City of Fort Collins
Household Members
1 2 3 4 5 6 7 8
100% AMI 89,400 102,100 114,900 127,600 137,900 148,100 158,300 168,500
60% of AMI 53,640 61,260 68,940 76,560 82,740 88,860 94,980 101,100
50% of AMI* 44,700 51,050 57,450 63,800 68,950 74,050 79,150 84,250
30% of AMI* 26,820 30,630 34,470 38,280 41,370 44,430 47,490 50,550
AMI = Area Median Income
51-80%: Low Income Limit (HOME High Income Limit)
31-50%: Very Low Income Limit (HOME Low Income Limit)
0-30%: Extremely Low Income Limit
*80%, 60%, 50% & 30% are the HOME income limits published by HUD. These are the income limits required for projects funded
with CDBG & HOME.
Updated: 4/24/2025
Docusign Envelope ID: BE479D19-39D4-4D68-9EDA-A59902F4FAAB