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 less expensive to develop in the long run. Land Bank description and details can be found in the Municipal Code, Chapter 23, Article XIII.
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). In 2015 a study was conducted to guide disposition of existing sites and acquisition of additional sites. To learn more read the Land Bank Disposition Study.
The property at 1506 West Horsetooth Road will be the first land bank parcel to be activated, with the goal of adding affordable housing units to the city’s inventory.
The Affordable Housing Strategic Plan (2.3MB) directs staff to look for ways to maximize the use of this community asset.
|Address||Purchase Date||Request for Proposal (RFP) Date||Acreage||Expected Number of Affordable Units*|
|3620 Kechter Rd||April 2002||5.00||47-56|
|6916 S College Av||October 2002||17.00||170-204|
|1506 W Horsetooth Rd||February 2003||November 2015||8.29||96|
|5630 Tilden Street||January 2006||15.97||150-191|
|1500 Block West Vine St.||June 2006||2.7||52-63|
* Calculations based on the assumption of 10-12 dwelling units per acre (du/ac)