Berthoud Habitat gets $290,000 for 12 affordable homes
The award is expected to support homeownership for households earning 40% to 80% of area median income, according to the announcement. Recipients must meet milestones including zoning, development plans, funding and permits.
A $290,000 Proposition 123 Land Banking award to Berthoud Habitat for Humanity is expected to support 12 homeownership units for households earning 40% to 80% of area median income, according to an announcement from Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT) and Colorado Housing and Finance Authority (CHFA).
According to the announcement, Land Banking funds support Colorado communities as they acquire land for affordable rental and homeownership housing. “These funds will create 1,455 homes people can afford in communities across our state, expanding opportunities for Coloradans to live close to jobs, schools, and the places we love,” Polis said. Affordable housing must be the predominant land use under the program, though additional market-rate rental or ownership units and commercial uses are allowed. Awardees will have to meet statutory milestones over the coming years, including proper zoning, finalizing development plans, and securing development funding and permits.
Polis, OEDIT and CHFA announced 18 recipients of voter-approved Proposition 123 Land Banking funds. A total of $32,660,000 will be awarded to secure the 18 parcels, the announcement says. The announcement says the funding is expected to support an estimated 1,455 units on 18 parcels across Colorado, from the Front Range to the Western Slope.