The City of Fort Collins has completed the sale of 8.29 acres of its Land Bank – land set aside for affordable housing development – to Housing Catalyst, formerly the Fort Collins Housing Authority.
Housing Catalyst, which purchased the property through Village on Horsetooth LLLP, is expected to start construction this fall on the 96-unit Village on Horsetooth apartments. The complex will be affordable to people making between 30 and 60 percent of the Area Median Income or about $24,600 and $46,100 for a four-person household.
The Land Bank program is the City’s only long-term affordable housing tool. Between escalating land prices and the lack of developable land, the program ensures land will be available in the future to increase the stock of affordable housing units. The Horsetooth parcel was one of five parcels owned by the City.
Parcels remaining in the Land Bank program:
The City purchased the parcels between 2002 and 2006; City Council activated the Land Bank program in 2015 based on community concerns about the lack of affordable housing. Staff is working this year with the community to update the Land Bank ordinance to reflect current market conditions and community needs. Learn more about the Land Bank.