Longmont will soon be home to 73 new affordable rental apartments as part of an agreement with the Boulder County Housing Authority that received preliminary approval this week from City Council.
The Spoke Apartments, at 518 Coffman St., will be part of a mixed-used development that includes at least three residential floor plans, a 260-space parking lot for residents and downtown employees and 8,800 square feet of commercial office space, said Kathy Fedler, Longmont’s Housing and Community Investment Division manager.
The site is across the street from Boulder County’s St. Vrain Community Hub.
The residential portion of the project — being developed by the Boulder County Housing Authority — will be a four-story structure with a mix of 73, one, two- and three-bedroom units affordable to families at or below 60% of area median income, or AMI. Some of the units will be affordable to those earning as little as 30% of AMI.
Based on 2020 AMI, rents established by the Colorado Housing Finance Authority would be $1,295 for a one-bedroom unit; $1,554 for a two-bedroom and $1,796 for a three-bedroom. The U.S. Department of Housing and Urban Development sets the AMI for every region in the state.
Courtesy of city of LongmontThe project has received funding help from several local and state sources, Fedler said. Boulder County, meanwhile, allocated 36 parking spaces for the 73 dwelling units. Additional parking for residents, if needed will be provided within the “pooled” parking spaces available to anyone, she said.
The complex will be easily accessible to mass transit and city services, she added.
“It’s in a good spot and convenient for the residents,” she said.
Construction is expected to begin in late fall and be ready for leasing in spring 2022, Fedler said.
All 73 rentals will be counted as helping Longmont meet its 12% affordable housing goal, she said. City Council in 2018 approved an ordinance requiring that 12% of available square footage in new residential development be dedicated to housing affordable to low- and moderate-income buyers and renters
The complex drew praise from council members before they voted unanimously for passage of the agreement with Boulder County.
“It gives us a lot more parking downtown and gives a lot more affordable housing downtown,” said Councilmember Polly Christensen. “It is everything affordable housing should be.”
