NORTH BOULDER ACQUISITION TO BE CONSIDERED

On February 6, 2012, the Board of Commissioners will consider the purchase of the 34 unit affordable apartment building that is currently under construction at the northeast corner of the intersection of Broadway and Yarmouth Ave.  The apartment building is attractive to BHP because the developer was required to make all of the one, two and three bedroom units permanently affordable under the City of Boulder’s Inclusionary Housing Ordinance.  BHP may purchase the units upon completion of construction which is currently anticipated in the 3^rd quarter of 2012.  BHP plans to rent the units to individuals and families at 60% and below of the area median income consistent with the City’s affordable housing rules and regulations and would be responsible for its management and maintenance.

BHP staff has reviewed the development proposal and will recommend that the Board direct staff to move forward with the acquisition. Comments and questions on the proposed acquisition may be sent to Stuart Grogan, Director of Development at grogans@boulderhousingpartners.org prior to the Board meeting.