HomeMy WebLinkAboutWATERFIELD PUD, FIRST FILING - FINAL - 7-95C - CORRESPONDENCE - AFFORDABLE HOUSING MEMO.Jun-26-97 09:20A
4891INDEPENDENCE STREET
SUITE 149
WHEAT RIDGE, CO 80033
303-432-9581
fax:303-432-8661
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From: SCOTTMCFADDEN
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Jun-26-97 09:20A
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BULL RUN APARTMENTS LIMITED PARTNERSHIP
7900 East Kemper Road
Cincinnati, OH 45249
June 26, 1997
Mr. Michael Ludwig
Current Planning Department
281 North College Avenue
Fort Collins, CO 80521
RE: Waterfield PUD, Preliminary
Bull Run Apartments Limited Partnership is the owner of the Bull Run Apartments. This
project will contain 176 rental units which are to leased at affordable rental rates. Dickson
Robin of the Advanced Planning Department approved Waterfield PUD for priority processing
as a Qualified Affordable Housing Project on January 24, 1997 based upon the affordability of
the Bull Run Apartments.
The City of Fort Collins has secured a tax exempt bond allocation to develop the Bull
Run Apartments as affordable housing. This financing includes a long term affordable
compliance period enforced by deed restriction in the form of the Land Use Restriction
Agreement (LURA) on the property. The LURA will specify that 80% of the units at Bull Run
must be leased to residents making no more than 60% of the Larimer County area median
income and 20% of the units will be leased to residents making no more than 50% of the
Larimer County area median income. Rental rates at the project are limited to 30% of each
AMI classification so each tenant will pay no more than 30% of their income for rent. By
definition, the project will be limited to the 80% of AMI limit as affordable housing in defined in
the City of Fort Collins.
Please let me know if you require additional information on the affordability of the Bull
Run Apartments.
Best Regards,
THE W.O. BRISBEN COMPANIES, Inc.,
General Partner
E. Scott McFadden
Development Director, Western Region