83 unit affordable housing project completed in Longmont

The City of Longmont’s Affordable Housing Goal

The City of Longmont has set a goal to have 5,400 affordable housing units by 2035. They have made significant progress towards this goal, already reaching the halfway mark.

New Affordable Housing Complex in Longmont

A new affordable housing apartment complex called Crisman II Apartments recently opened in Longmont. The complex consists of 83 units, and it is almost fully rented out.

The Need for Affordable Housing in Longmont

The high demand for the units in Crisman II Apartments highlights the urgent need for affordable housing in Longmont. Harold Dominguez, the interim executive director for the Longmont Housing Authority (LHA), explains that rising rent prices are making it increasingly difficult for people to afford to live in the city. As a result, many individuals are forced to commute longer distances to find affordable housing.

Rent Prices at Crisman II Apartments

The rent prices at Crisman II Apartments vary depending on the individual’s income level. For example, a one-bedroom apartment can cost around $821 per month for someone earning approximately $35,000 a year, while those earning just under $82,000 a year may have to pay $2,190 per month.

Partnerships and Funding

MGL Partners collaborated with the Longmont Housing Authority to complete the $30.4 million Crisman II Apartments project. The funding for the project came from various sources, including lenders and investors from the Colorado Housing and Finance Authority (CHFA), the Colorado Division of Housing, the City of Longmont, and the Longmont Housing Authority.

Affordable Housing for Higher Income Individuals

Crisman II Apartments is unique because it is the first low-income tax credit or affordable housing community in Longmont that offers housing to individuals above 60% of the area median income (AMI). Danielle Vachon Bell, the development director for MGL Partners, explains that these individuals may earn relatively high wages for the area but still struggle to afford market rents.

The Affordable Housing Gap in Longmont

Rising rent prices due to inflation, building costs, and interest rates have created an affordable housing gap in Longmont and similar communities. To address this issue, the Longmont City Council has allocated $1 million per year in the budget for affordable housing and an additional $1 million per year for attainable housing. The city utilizes two housing funds to support affordable housing projects.

Progress Towards the Goal

The new affordable units in Longmont are just the beginning of the city’s efforts to create more affordable and attainable housing. The ultimate goal is to have 5,400 affordable units by 2035, and the city is already halfway there.

Sustainable Development Goals (SDGs)

1. Goal 1: No Poverty
2. Goal 11: Sustainable Cities and Communities

Challenges Faced Nationwide

A study by the Harvard Joint Center for Housing Studies found that millions of Americans cannot afford their rent. In 2022, a record high of 22.4 million renter households, or half of all renters in the country, were spending more than 30% of their income on rent. Colorado is also facing challenges, with the Community Economic Defense Project predicting up to 70,000 eviction filings in the state this year.

Source: 9news.com