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.
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 (5.2MB).
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||Acreage*||Expected Number of Affordable Units**|
|3620 Kechter Rd||April 2002||4.70||47-56|
|6916 S College Av||October 2002||17.00||170-204|
|1506 W Horsetooth Rd||February 2003||8.29||82-99|
|5630 Tilden Street||January 2006||15.97||150-191|
|1500 Block West Vine St.||June 2006||2.7||52-63|
* 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).
Policy changes are in the works. Some proposed changes include following best practices to allow mixed-use and mixed-income development, allowing sale or trade out of the program, allowing sale at full market value in order to best leverage resources, and removing specific Area Median Income levels in order to create more sustainable communities.
You can learn more at one of the upcoming Land Bank Briefings.