Affordable-housing project wins support
City and County of Broomfield / Courtesy image
Bizwest / Daily Camera
A project that seeks to add 158 new affordably priced apartments to Broomfield is moving forward after receiving unanimous approval from city leaders Tuesday.
Broomfield City Council approved a series of motions that grants their blessing to development plans for Crosswinds at Arista, along with a memorandum of understanding that sets a series of incentives for the builder.
Developer Gorman and Co. LLC is planning a 159-unit project on about six acres at 8710 Uptown Ave.
The project will include one-, two- and three-bedroom units, all of which will be affordable except for one. That single unit will be occupied by the community manager.
The apartments will be rented to households earning between 30% and 80% of area median income, which is about $96,000 in Broomfield.
The apartment unit sizes will range in size from about 550 square feet for a one-bedroom unit, to 1,100 square-feet for a three-bedroom unit.
Crosswinds at Arista is also planned to include a picnic area, playgrounds, fenced dog park, community gardens and outdoor gathering spaces.
Gorman was awarded a 4% tax credit allocation through the Colorado Housing and Finance Authority’s Low Income Housing Tax Credit program, and its agreement with Broomfield provides fee and tax waivers, along with a $1 million low-interest loan.
“Does it set a precedent? Yes. Is it very expensive? Yes. That’s why you want to choose wisely who you go to the dance with,” Broomfield city manager Jennifer Hoffman said.
Having won approval from the city, Gorman will move forward with closing on the land at the end of the month, according to a company representative.
“Broomfield has been on the slower side (in building new affordable units), but we’re making a name for ourselves now,” Councilwoman Sharon Tessier said.