At the request of the Stapleton Development Corporation, Forest City in August presented a report on the status of affordable housing in Stapleton. At buildout, a total of 4000 rental units and 8000 for-sale homes are anticipated in Stapleton.
Forest City’s contract calls for 10% of all for-sale homes in Stapleton to be affordable, as outlined in a housing agreement with the city—and 33% of all housing units are to be rentals, with 20% of rentals being affordable. Currently 4.8% of all for-sale homes are affordable and 28.6% of rental units are affordable. The percent of affordable rentals will go down as market-rate rentals increase.
Lee Ferguson, who leads Forest City’s Multi-family and Affordable Housing programs, pointed out that the overall percentage of rental units increased from the prior quarter, the first time he had seen that percentage increase. Current rental units under construction now include Aster Conservatory Green (350 units), Horizon (109 units for age 55+) and Zocolo (150 units for age 55+). And Forest City is almost ready to break ground on 135 more rental units at Aster in the 29th Ave. Town Center.
To date, Forest City affordable for-sale home closings have averaged two per month. However Ferguson points out that those homes make up 25% of all affordable homes built in Denver during that time period. They believe the market is picking up and their goal is to sell four per month over the next ten years to reach their goal of 10% affordable. One indicator of the market, Ferguson says, is that New Town builders will be constructing an all-affordable community of 120 units north of I-70.