HomeMy WebLinkAboutADRIAN SUBDIVISION, 1ST FILING - PDP - 42-03A - CORRESPONDENCE - AFFORDABLE HOUSING MEMO.Steve O;t - Question on Adrian Project _
From:
Maurice Head
To:
Steve Olt
Date:
1 /4/05 4:21 PM
Subject:
Question on Adrian Project
Steve,
A few minutes ago I received a call asking if the Adrian project is receiving State or Federal funding
The answer is no. The Adrian project is only receiving City incentives (Priority Processing, Development
Plan Fee Waiver, Development Impact Fee Delay and Administrative Construction Fee Exemption).
The developer may apply for City funding at the development stage of the project, but this is unlikely. The
City's Competitive Process (where a developers requests Community Development Block Grant Funds,
HOME Funds and/or City General Funds) favors projects that provide housing for families with much
lower incomes.
The Adrian project benefits the City by providing affordable housing to the citizens of Fort Collins
teachers, police, retail worker, etc.). The City receives no other direct or indirect benefit.
Hope this help,
Maurice
CC: Ken Waido; Krios@lamar.colostate.edu
Steve O:t Adrian Project T _ Page 1
From: Maurice Head
To: Steve Olt
Date: 1 /4/05 1:20PM
Subject: Adrian Project
Steve,
As we discussed, the majority of issues in the notice for the Adrian subdivision concern compliance with
the City's development standards.
The City generally will not reduce development standards for affordable housing projects. However, the
landscaping requirement for affordable housing projects was changed in 2003 to allow for smaller trees
and shrubs in new affordable housing development.
Affordable housing projects receiving City incentives, (Priority Processing, Development Plan Fee Waiver,
Development Impact Fee Delay and Administrative Construction Fee Exemption), as well as City funding,
require a 20 year affordability period. The City uses deed restriction covenants to protect the affordability
of low income housing projects. _ ..
In the event the Adrian project is approved for development. The City and the owners of the Adrian project
will enter into a legal agreement requiring the project to be affordable to households earning 80% and
below Area Median Income (a maximum of $53,200 for a family of 4). The agreement will be recorded in
the Clerk and Recorder's Office. It will be binding and run with the land.
As stated, the Adrian units will be affordable for a period of 20 years. The agreement will also require that
buyers in the Adrian project to acknowledge the deed restriction and sign a Memorandum of Acceptance
binding them and subsequent owners to the affordability requirement.
Let me know if you need anything else.
Maurice
CC: Ken Waido; Krios@lamar.colostate.edu