Crisman II affordable housing project gets property tax break

A property tax break for an 83-unit affordable housing complex in north Longmont was approved Tuesday night by the Longmont Housing Authority Board of Commissioners. The commissioners are members of the city council.

Crisman II will provide apartments for households with incomes between 30% and 60% of the Area Median Income, with the units serving an average AMI of 50.48%, according to a city staff report.

More than 25% of the units will be affordable to households at or below 40% of AMI. That qualifies the project to a property tax exemption fee of 15% of the estimated property tax over a four-year period, or a total of $52,754.31, the staff report states. In exchange, the project’s developer will get property tax exemptions of an estimated $351,695.43.

The property tax exemption can be an incentive to develop affordable housing and the fee process can be used by the Longmont Housing Authority to build more affordable homes, the staff report states.

Molly O’Donnell, Longmont Housing and Community Investment Division director, told the commissioners the property tax exemption for Crisman II is a good tradeoff for the city because the development will add to Longmont’s low-income housing stock.

“We won’t get as much in property taxes but the city will benefit by providing the units,” O’Donnell said.

The LHA is scheduled to close on the Chrisman II property on June 13.