More Affordable Housing - So it is Written, So it is Not Done

by Osman Parvez

The City currently requires 20% of a new development to be affordable, or for the developer to pay the city a fee of $110,000 to $119,000 for each one not built.

According to the Daily Camera, City Council thinks this isn't good enough and wants more affordable housing in our community:
Developers should either build more affordable-housing units alongside the rest of the homes in their Boulder projects, or put more money into the city's affordable housing fund, elected leaders said Tuesday night.
Most developers are paying the fee instead of building affordable housing, so the City could have been building itself. Instead...
Councilwoman Susan Osborne said the city needs to be careful about making changes to the program, because the cash that builders contribute has been valuable for a wide range of projects.
For example, the city has used that cash and pooled funds with nonprofit and other governmental agencies to help build the Boulder Shelter for the Homeless, and for the redevelopment of Boulder Mobile Manor
If City Council wants more affordable housing for residents, why have they been spending the money elsewhere? Sure - Mobile Manor (a trailer park) provides affordable housing but it's not an expansion of affordable housing in the City.

Where has the rest of the money been spent?

p.s. I'm not advocating less money for non-profits. Silver Fern Homes is a strong supporter of the non-profit community. Through the company's Pay it Forward program, we donate 5% of every commission we earn to local non-profits, including the homeless shelter.
The next Boulder Real Estate Meetup is April 6th. It's a great opportunity to talk about real estate issues in Boulder. From home inspections, to property values, to home improvements. You're invited! Please RSVP here. I hope to see you there.

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