Myers’ company, Thrive, has built approximately 200 homes in the affordable program, and it has had only one foreclosure. With rule changes the city made in October, his sales went from 30 in a quarter to 3. His company did an analysis and determined that 9 out of 10 buyers he had closed on in his latest project would never have been approved under new guidelines.
At the Feb. 21 Citizens Advisory Board meeting, Damon Knop, a realtor knowledgeable about Denver’s income-qualified homes program, shared concerns about a recent change in the allowed ratio of housing-debt to income for buyers.
Realtor Damon Knop has participated in over 400 affordable homes sale transactions as the buyer’s or seller’s agent in Stapleton, including multiple transactions on some homes over the years.
As Denver metro housing prices continue to rise, so also does the community focus on affordable housing. The Front Porch offers this overview of recent activities affecting affordable housing in northeast Denver.
Each time a property is sold in Stapleton, a “community fee” is paid to the Stapleton Foundation (“Foundation”) to support education, transportation and wellness programs that benefit the broader community.
Northeast Denver Housing Center (NHDC) plans to begin construction of a 180-unit affordable housing project in January at the southeast corner of MLK Blvd. and Moline St.
Northeast Denver Housing Center (NDHC) has begun site work for two affordable, for-sale housing projects in the southwest quadrant of Stapleton: 40 units along the west side of Central Park Blvd. between 21st Ave. and Xanthia Way, and 23 units on the north side of 21st Ave. between Spruce and Tamarac streets. Dominique Acevedo, NDHC deputy director, says all of the units are under contract with an estimated move-in scheduled for late summer through fall of 2018.
The City of Denver has concluded “it is possible” that Forest City can meet its obligation to provide a minimum of 10 percent “affordable” for-sale housing in Stapleton by the time buildout of market rate homes is completed.
A recent study of “Housing Affordability in Stapleton” presents a demographic profile comparing Stapleton, Lowry, the city of Denver, and metro Denver.
The Park Creek Metropolitan District (PCMD) has agreed to pay the Westerly Creek Metro District’s (WCMD) costs for independent legal counsel.