Housing Catalyst Deal Would Require Affordable Units

The ordinance would authorize the City Manager to amend the purchase-and-sale agreement with Housing Catalyst for the city-owned 0.87-acre property at 314 North Howes Street. The amendment would allow closing to be extended up to one year if Housing Catalyst receives Low Income Housing Tax Credits and permit assignment without city consent to specified affiliated entities; other assignments would require written consent. The replacement deed lists $500 and other good and valuable consideration. The deed would require development to begin within 24 months of execution and building permits within 48 months, subject to a City Manager-approved extension for qualifying unforeseen delays. The proposed covenant would require at least half the units to be rented to households at or below 80% of area median income, at rents no higher than the Colorado Housing and Finance Authority’s published limits, for 60 years from the first certificate of occupancy, but no later than Dec. 31, 2030. After a reasonable cure period for deadline or related transfer violations, the City could exercise a repurchase option for 180 days.