The Longmont City Council will decide whether or not to accept a grant that is intended to purchase land for 187 additional affordable housing units in Longmont.
The 7.28 acres is located at 905 Harvest Moon Drive and is adjacent to the 9 acres purchased for affordable housing in a deal made with Costco in 2020.
The price of the 7.28 acres is $3,175,168 and is currently owned by Diamond G Concrete Company. The land is priced below market value at $10 per square foot, according to city council documents.
City staff secured an Innovative Housing Incentive grant from the State of Colorado Department of Local Affairs. The grant program is designed to assist local governments that have implemented strategies to promote the development of innovative affordable housing projects, according to council documents.
The grant is in the amount of $1,870,000 and the remainder of the price would come from American Rescue Plan Act funding.
The city of Longmont plans to develop both parcels of land with mixed-income for-sale homes. The 187 units include 47 single-family homes and 140 townhomes that should be affordable to individuals whose income is below 80% of the area median income level and attainable to those who fall below 120% AMI.
The city’s intent is to close on the property by January 2024.
