The Land Bank program is Fort Collins' only long-term affordable housing tool. Between escalating land prices and the realities of a fixed Growth Management Area (GMA), this program ensures land will be available in the future to increase the stock of affordable housing units. The strategy is to acquire sites currently lacking infrastructure, which lowers the price, and then wait until development occurs. As surrounding projects construct the utilities and streets, in theory, the Land Bank property will be cheaper to develop in the long run.
To date, the City acquired five Land Bank sites. Although some of these properties have reached the minimum level of maturity for the program (five years), no sites have sold, nor are there any plans to sell any in the near future.
|Expected Number of Affordable Units**|
|3620 Kechter Rd||April 2002||
|6916 S College Av||October 2002||
|1506 W Horsetooth Rd||February 2003||
|2313 Kechter Rd||January 2006||
|1500 Block West Vine St.||June 2006||
* Some properties include more than one parcel; the acreage reported reflects the total for each site.
** Calculations based on the assumption of 10 du/ac and 12 du/ac (du/ac = dwelling unit per acre).