Jan 12, 2017
Project to provide home ownership opportunities for 11 moderate-income households
City and state officials today participated in a groundbreaking event to celebrate the latest for-sale affordable housing underway in the City and County of Denver. The Solis Townhomes, located at 3390 Humboldt St. in the Cole neighborhood, will provide home ownership opportunities for 11 moderate-income households beginning in late 2017.
The project is one of the final developments underway resulting from the city’s Inclusionary Housing Ordinance (IHO), which changed significantly this month with the implementation of Denver’s new dedicated fund for affordable housing. The IHO required residential developers of projects with 30 or more for-sale units to invest in Denver’s affordable housing, either by providing 10% of the project’s units as affordable, by providing a cash-in-lieu payment, or by negotiating an alternative satisfaction with the city.
The Solis Townhomes fulfills an alternative satisfaction agreement associated with the development of a 71-unit condominium project at 155 Steele St., by the PaulsCorp LLC. The agreement to create these off-site units provides an additional housing benefit to the city in the form of four additional affordable units and 12 additional bedrooms, all with excellent proximity to transit.
“In today’s challenging real estate market, we’re proud to celebrate each and every new affordable home ownership opportunity that we’re able to bring forward,” said Denver Mayor Michael B. Hancock. “The Solis Townhomes illustrates our ability as a city to leverage additional income-restricted units for Denver’s hard-working families.”
The Solis Townhomes are being developed for the Colorado Community Land Trust by Cecil Development, LLC. The project features both 2- and 3-bedroom homes, with prices set at $147,000 and $167,000 respectively for households earning up to 80% of the area median income (up to $44,900 for a one-person household, or $57,700 for a family of three). While units will be owned by home purchasers, the underlying land is owned by the Colorado Community Land Trust, ensuring long-term affordability of at least 99 years. Monthly home ownership costs also include home ownership association fees, a solar panel lease, and a land lease. These costs are factored into the pricing of the home.
The two-story townhomes range from 1,268 to 1,954 square feet, and each includes an unfinished basement. Amenities include solar panel energy savings and off-street parking.
Pre-sales of the Solis Townhomes began in late 2016 and all units have been sold. However, the Colorado Community Land Trust has compiled a back-up list of interested buyers. For more information, contact Eric Welch, CCLT Realtor at 303-829-8744 or firstname.lastname@example.org.
“Developments like the Solis Townhomes are helping us combat gentrification and displacement in our Denver neighborhoods,” said Council President Albus Brooks. “We’re proud to deliver this exciting project to the Cole neighborhood.”
The Solis Townhomes represents the latest affordable units to be created under the Mayor’s “3x5 challenge.” Announced in mid-2013, the challenge calls for the development, rehabilitation or preservation of 3,000 affordable housing units over five years. The city and the real estate community have produced 2,653 units thus far, and an additional 713 units are currently under construction.