City Affordable Housing Board to Host Public Meeting on Land Bank Policy Dec. 7
The City’s Affordable Housing Board will take public comment on proposed changes to the Land Bank policy at its regular meeting Thursday, Dec. 7.
The board will meet at 4 p.m. at 215 N. Mason, Community Room.
The Land Bank Program is the City’s only long term affordable housing incentive. Currently the bank has four parcels of land reserved for future affordable housing communities. A fifth parcel was sold to Housing Catalyst, formerly known as the Fort Collins Housing Authority, who is developing a 96-unit rental community on that parcel. The proceeds from the sale of this parcel will be used to acquire additional land.
Among the changes staff has recommended that the Affordable Housing Board will discuss are:
- Allow mixed-use development when requested by the City as a supportive secondary use.
- Allow more mixed-income in the affordable range – up to 80 percent of the Area Median Income for homeownership or roughly $61,500 for a four-person household.
- Allow a sale or trade upon determination that all or part of the parcel is no longer appropriate for the program.
- Allow the City to sell Land Bank properties at full-market value if determined to no longer be appropriate for the program and use proceeds to buy more parcels.
- Provide for notice and opportunity to cure for specific Land Bank Program development requirements before land subject to reverter.
Any policy changes would eventually need to be approved by City Council. A date has not been set for City Council review.
For more information, go to www.fcgov.com/socialsustainability.