City Council Tuesday night approved agreements for two housing developments that officials say meet Longmont’s affordable housing requirements.
One agreement covers the Vivo Living Rental Housing development, which is a 210-unit conversion of the former Best Western Hotel located at 1940 Ken Pratt Boulevard. The developer is providing 26 of the units as affordable under the city’s inclusionary housing requirements, according to a staff report to the city council.
The 26 units are being offered at or below 50% of the Area Median Income, or AMI, as affordable rental housing. While this is 12% of the total development, it is double what the developers are required to provide in low-income housing, according to the report.
The 26 affordable homes being provided by Vivo Living will include 18 studio apartments and eight one-bedroom homes, the report states. California-based Vivo Living bought the hotel this past fall.
A “petite” studio apartment — with one bedroom and one bath — is listed at $1,139 while a “classic” studio is listed at $1,150, according to Vivo Living’s website.
Council also approved an agreement for a 55-unit development located at The Suites Apartments property at 2000 Sunset Way. The developer, Element Properties,is providing all of the units as affordable under the city’s inclusionary housing requirements, the staff report states.
The city and the Longmont Housing Authority jointly own the land on which Sunset Heights is built. The rental units will be available to formerly homeless people through referrals from Homeless Solutions for Boulder County.
Residents will pay no more than 30% of their income for their portion of the rent, the staff report states. The rest of the rent will be paid through Housing Choice Vouchers Project-Based from the state and Longmont Housing Authority.
