Longmont is on pace to produce as many as 500 affordable housing units in three years, according to projections made at Tuesday’s Housing Authority Board of Commissioners.
“That is really remarkable,” said Commissioner Marcia Martin, adding the addition will help the city meet its long-term goals of more affordable housing for residents.
The new housing is being largely funded through $12.9 million in an American Rescue Plan allocation, according to city officials. The low low-income Crisman II apartments are the first in a new slate of projects and are expected to open in the summer of 2023, according to the city.
The new development schedule was reviewed by the commissioners, who are also city council members. The council became the governing board of the housing authority when the city took over management of the agency in 2020.
Commissioner Shiquita Yarbrough also urged the city to do more to get renters into the housing market in Longmont. She pitched a program that would allow a portion of a lease payment to go into an escrow account that could be used for a downpayment on a house.
Yarbrough, who is a renter, said many who hold leases in Longmont are giving up hope they will ever own a home because they can’t put away enough money for a down payment.
“As a renter myself, I feel hopeless,” Yarbrough said. “There is no hope for people stuck in this system. So how can we provide steps for these people to become homeowners.”
Mayor Joan Peck said the city could approach a bank to set up the escrow program. Peck said renters face both huge mortgages and also debilitating down payments to secure a house.
“You have no access to a home…if your down payment is so high,” Peck said.
