The City of Fort Collins contributed millions of dollars to build about 50 units of price-controlled housing for the "missing middle," along with an external non-profit. More than half of the units were empty for more than 2 years because they can't sell them, so they are offering additional incentives. This raises several concerns.
First, shouldn't City housing subsidies be directed toward the truly needy (of which there are plenty), rather than for stainless steel appliances and granite countertops?
Second, if taxpayers would like to subsidize these up to these higher income limits, wouldn't it be more cost effective to just use down payment assistance, and let the private sector assume all of the risk?
Here is the current description:
The open-concept design flows effortlessly into a stylish kitchen, featuring stainless steel appliances, ample cabinet space, and elegant granite countertops. The main floor also includes a handy half bath for guests. Upstairs, you'll find three generously sized bedrooms, including a primary suite with its own private bathroom. Located in a vibrant neighborhood near coffee shops, bars, restaurants, parks, and public transportation. As part of the Elevation Community Land Trust Affordable Home Ownership Program. These townhomes offer both comfort and luxury. Plus, The seller is offering an interest rate buydown. Each home comes with Down Payment Assistance. Only ECLT-qualified homebuyers, whose letters of qualification indicate they are under FMR income limits, are eligible to purchase this home. In addition to the mortgage, there is a $100 monthly land lease.
