Tuesday night, the Longmont City Council heard and passed an amendment to the attainable housing fee waiver ordinance.
The ordinance was proposed in October and would apply only to for-sale units that were priced at or below 120% of area median income levels. The units would only be available to buyers whose income fell at or below the 120% AMI level.
The amendment allows developers to consider a person’s debt-to-income ratio when purchasing an attainable unit. This also ensures that buyers are not restricted to buying at the top of their qualification bracket.
The amendment also allows developers who are building units that all fall below the 120% AMI rate and that include at least 25% of the units below the 80% AMI level to propose “an alternative manner in which the development will satisfy its obligations under the program,” city council notes state.
This portion of the amendment provides flexibility for developers as they enter into the underwriting process because the risk of units remaining vacant at these levels is high, according to city staff.
The ordinance and the amendments passed 6-0 with Councilmember Sean McCoy absent.
