The URL can be used to link to this page

Home My WebLink AboutCLIFF SUBDIVISION REPLAT - PDP - 22-99 - SUBMITTAL DOCUMENTS - ROUND 1 - AFFORDABLE HOUSING MEMO.If rented, affordable gross rent costs no more than 30% of gross income. If owned, affordable sale housing (PI'Tl+utilities) costs no more than 38% of gross income. Fort Collin's housing progran►s are targetted to serve those who earn less than 60% (rental) or 80% (for sale) of the Area Family Median Income, adjusted for family size, as prepared by IIUD on 12/1/97. FORT COLLINS' AREA FAMILY MEDIAN INCOME NUMBER IN HOUSEHOLD INCOME 1 person 2 people 3 people 4 people 5 people 6 people 7 people Median $35,625.00 $40,750.00 $45,812.50$S5,000.00 $59,062.50 $63,125.00 95% 33,843.75 18,712 50 43,52...1....88 48.331.25 52,250 00 56,109.38 59,968.75 i1e .. S' 000(i 32,C10 00 6,65(I,(lt 40,7(t OO �4,OQU,�3 41,�5(10(t $i),$�l(#1.0;.; 70% 24,937.50 28•525 00 12,069,75 35,612.50 38,500.00 41,343.75 44,187.50 24,40:00 27,187,_50 30:1.5,00 )1,iaJ(31, 35,1750 37,87$.(1>. 50% 17,800.00 20,3>U.UO 22,900.00 25,450.00 27,500.00 29,500.00 31,550.00 40% 14,250.00 16,300.00 18,325.00 20,350.00 22.000.00 23,625.00 25,250.00 30% 10,687.50 12,225.00 13,743.75 15,262.50 16,500.00 17,718.75 18,937.50 AFFORDABLE GROSS MONTHLY RENTS (includes utilities) NUMBER OF BEDROOMS (assumes an average of 1.5 people per bedroom) INCOME 0 BR I BR 2 BR 3 BR 4 BR 5 BR Median $ 990.63 $ 954.69 $ 1,145.31 $ 1.323.44 $ 1,476.56 1,628.91 950t, 8-16.09 906.95 1.088.05 1,257.27 1,402.73 1,547.46 80010 712.50 1/6175 91(;,)5- 1,058,75 1,18125 1,10113_;! 709;, 621.4.1 668.28 801.72 926.11 1,033.59 1,140 23 6011,10 534.38 57191 697,19 794o; 985.91< 977.34 - 50% 445.00 476.88 572.50 661.803 737.50 814.38 40% 356.25 381.88 458.13 529.38 590.63 651.56 30% 267.19 286.41 343.59 397.03 442.97 488.67 AFFORDABLE GROSS MONTHLY HOUSING COSTS (38% of gross income for principle, interest, tares, insurance & utilities) NUMBER IN HOUSEHOLD INCOME I person 2 people 3 people 4 people 5 people 6 people 7 people Median $ 1,128.13 $ 1,290.42 $ 1,450.73 $ 1,611.04 $ 1,741.67 $ 1,870.31 $ 1,998.96 95% 1,071.72 1,225.90 1,379.19 1,530.49 1,654.58 1,776.80 1,899.01 $00/Q 902,50 1,032,33 1,160.58! 1,2888.1 -1,391.33 1,476.25 1,599,17',„' 70°•n 789.69 903.29 1,015.51 1,127.73 1,219.17 1,309.22 L399.27 60% 676.88 774.25 870.44 966.63 1,045.00 1,122.19 1,199.38 50% 563.67 644.42 725.17 805.92 870.83 934.17 999.08 40% 451.25 516.17 580.29 644.42 696.67 748.13 799.58 30% 338.44 387.13 435.22 483.31 522.50 561.09 599.69 ESTIMATED AFFORDABLE SALE PRICES FOR HOUSEHOLDS EARNING 80% AMI (paying 38%) I person 2 people 3 people 4 people 5 people 6 people 7 people 1`4 R"dib"I., 1G.0.i `%.U,91R/ VV'i Dpmt (5%) 4,810.00 5.515.00 6,215.00 6,910.00 7,460.00 8,000.00 8,540.00 Principle 91,390.00 104,785.00 118,085.00 131,290.00 141,740.00 152,000.00 162,260.00 Rate (7"/6) 0.58% 0.58% 0,58% 0.58% 0.58% 0.58% 0.58% Term 360 360 360 360 360 360 360 Payment $608.02 $697.14 $785.62 $873.48 $943.00 $1.011.26 $1,079.52 PMI 61.73 70.78 79.76 88.68 95.74 102.67 109.60 taxes 80 92 104 115 124 133 142 insurance 32 37 41 46 50 53 57 PITI total $781.98 $896.60 $1,010.40 $1,123.39 $1,212.80 $1.300.59 $1,388.38 utilities 120 135 150 165 180 195 210 Page I U.S- DEPARTMENT Of &""USING URBAN DEVELOPIMElIrf - -• -- , ,, _Y JANUARY 1.19S6 SECTION Sr EXISTING HOUSING ALLOWANCE FOR TENANT - FURNISHED UTILITIES AND OTHER SE WICES Locality: Ft. Collins Housing Authority Unit Type: Single Family Utility or Service' Monthly War AI(owan A. Natural Gas BEATING: ` 1 B. Electric A- Natural Gas COOKING: B. Electric OTHER ELECTRIC (Refrigeration, Ughting, Etc.): A_ Natural Gas WATER HEATING: !i' Eectric WATER: SEWER: TRASH COLLECTION: OTHER (Spediyl: ces 1-8R. 2-8R. 3-8R. 4-E 29 38 48 58 71 I 94 , 114 140 3 4 4 5 5 6 9 11 13 T5 17 25 7 8 I 3 11 18 25 29 34 13 1 13 1 13 I 13 14 1 14 ! 14 f 14 10 1 10 1 10 1 10 BEDROOM SIZE: _ TOTAL UTILITY ALLOWANCE. - NAME OF FAMILY: ADDRESS OF FAMILY: 13 1 13 1 13 I 13 14 1 14 ! 14 f 14 10 1 10 1 10 1 10 BEDROOM SIZE: _ TOTAL UTILITY ALLOWANCE. - NAME OF FAMILY: ADDRESS OF FAMILY: home buyer assistance HOME Investment Partnership The City of Fort Collins is a participating jurisdiction in the HOME Program, a federal prograrn designed to increase the supply of .safe and sanitary affordable housing in the community. The Fort Collins HOME Program provides funding to income eligible households for down payment and closing costs to purchase a home, and also provides funding to developers (both for - profit and non-profit) for the creation of both affordable rental housing and affordable owner -occupied housing. Development applications are accepted year-round; however, awarding of grants and loans depends on availability of funds. For further information on the HOME Program, contactJulie Smith at: .(970) 221-6595. Community Development Block Grant The primary objective of the City of Fort Collins CDBG program is to: develop viable urban communities with decent, affordable housing and suitable environments; and to expand economic opportunities, principally for persons of low and moderate incomes. CDBG provides funding for everything from better housing... to day care for the children of working mothers... to shelters for the homeless. Proposal applications are accepted from January through March. For more information about CDBG, contact Jackie Davis at (970) 221 _ND 757. iaAffordable Housing Program Advance Planning Department P.O. Box 580 City of Pnrt Collins 281 North College Avenue Fort Collins, Colorado 80522 (970)221-6376 (970)224-6111 FAX e-mail: aplanning@ci.fort-collins.co.us www.ci.fort-collins.coms r IG ry �� I [ \11"I ILICIVIC Housing Program The City considers the provision of housing as a basic human need, and therefore has assumed the responsibility to work towards increasing the availability of affordable housing in the community. The City's main objective is to cooperatively work with private, public and non-profit developers in the creation and expansion of housing opportunities for households of all income levels and for the preservation of existing affordable housing stock. Development Impact Fee Rebate Program The program exists for the purpose of stimulating the private, public, and non- profit development of affordable housing through a partial rebate of development impact fees paid on affordable housing projects. City general revenues are used to rebate these fees for all developers of affordable housing, providing the project meets program requirements. For more information, contact Ann Watts, City Planner, at (970) 221-6342. Development Plan Fee Waiver Affordable housing projects are eligible for a waiver of development plan submission fees. For more information, contact the Building Permits and Inspection Division at (970)221-6760. Private Activity Bonds Private Activity Bonds are bonds issued by the City to finance affordable multi -family rental housing. There is a list of locally established criteria that must be met in order to qualify for these bonds. The base criteria requires a minimum of 20 0 of rental units in a project be rented to households at 70% or less than Area Median Income (AMI) as determined by HUD. For more information, contact Ann Watts, City Planner, at (970) 221-6342. Development Impact Fee Payment Delay Program This program provides the housing developer the opportunity to delay payment of impact fees on a qualified affordable housing project until a certificate Of occupancy is issued. For more information, contact Ann Watts, City Planner, at (970) 221-6342. Priority Processing for Qualified Affordable Housing Projects This initiative facilitates the development of affordable housing in Fort Collins by savin. housing developers valuable time through an expedited development review and permitting process. For more information, contact Ann Watts, City Planner, at (970) 221-6342. J October 15, 148 Cliff Dwellings P.O. Box 668 Johnstown, CO 80534 (970)690-6711 Ann Watts City Planner City of Fort Collins Advance Planning Department P.O. Box 580 281 North College Ave. Fort Collins, CO 80522 Dear Ann, As we discussed please consider my project located in the back half of a lot located at 511 E. Prospect St. as an affordable housing project based on the following criteria; Expected Rent (2 bdrm 700 Sq ft) $700/mo Utility Allowance (see attached) 102/mo Total------------------------------------ $802/mo Expected Market Value (if sold) $98000 Affordable Housing Definition Per HUD 12/1/97 70% of median income Allowable Rent 801.72 80% of median income Allowable Rent 916.25 Or for sale according to chart ho'Aset lid of 2 earning 80% AMI (paying 38%) can afford a house costing $110300 which i than the expected market value of this dwelling. Please consider this project for priority processing and development impact fee payment delay or waiver. 0 Fort Collins Advance Planning Department Melissa Cordova Z. -/777-r/t 7U /4..,Y , e ,A. -Ts err ; , Sro, r.orL,:P 70 14, Ij lie T/</� /1 /7Ac Ile/� O /3A tCf . /rite 7/.� A T%f � ;7i•.•[. 7/z GL_ /%fit w,�s Sr.✓� r'if'S� P� ✓l/7,r� re ✓x /L �w.o .le /� /! 1. / /'•/.� S Sit /� _� /ie !O a��.•3 �L O GG/A 't: % ......... 281 North College Avenue • P.O. Boxc-S-W,-• ms, CO 80522-0580 � (970) 221-6376 • FAX (970) 224.6• TDD (970) 224-6002