| AFFORDABLE
LIVING
Lowry's
Reuse Plan calls for the development of a "wide spectrum
of the housing market ranging from affordable to expensive."
Lowry is committed to this mission statement. Lowry's
Board of Directors set a policy that at least 20 percent of
Lowry's apartments and 20 percent of Lowry's for-sale homes
should be affordable.
Affordable Rental Housing
Affordable
Homes for Sale
How to Sign Up for Information on Affordable
Homes for Sale
Affordable
Rental Housing
Lowry
has leased former military housing since 1996. In any given
year since 1996, at least 22 percent of those rentals have
been affordable, according to HUD standards (families earning
60 percent or below of area median income). Currently, and
excluding the former military housing, more than 400 rental
apartments are available at affordable prices.
At build out, 25 percent of Lowry's apartments will be affordable,
according to HUD standards. Affordable apartments are being
created to serve income-qualifying individuals and families.
For
more information, contact Rochelle Wimberly, Lowry Information
Center, 303-331-1516.
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Affordable
Homes for Sale
The Lowry Community Land Trust, a nonprofit organization,
will administer the majority of homes that will be "for
sale" in the Affordable Living at Lowry program.
 The
Lowry Community Land Trust and the homeowner will be partners
in home ownership. The homeowner will own the home (the structure
and improvements), and the Land Trust will own the land. A
small monthly payment will be made to the Land Trust to lease
the land, and the equity is limited. This, in turn, limits
the resale price of the home. In this way, the homeowner can
earn some equity toward the purchase of a new home, and the
Land Trust home remains affordable for the next homebuyer.
Development
of approximately 300 homes in the Lowry Community Land Trust
will take place over the next several years and will offer
a variety of homes including condominiums, townhomes, row
homes, duplexes, and single family homes located throughout
the Lowry neighborhoods, the majority of which will be new
construction.
On May 25, 2000, the Lowry Board of Director's approved a
policy recommended by staff and the task force that 15 percent
of Lowry's for-sale homes (approximately 300 in total) would
be made available to home buyers earning an average of 80
percent of area median income and that these units would be
controlled by a community land trust with some resale restrictions
(see below). Another 5 percent of Lowry's for-sale housing
stock would be offered to the market between $125,000 and
$150,000 without any restrictions or controls.
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Income
Qualifications
To qualify to purchase a home under the Lowry Community Land
Trust Affordable Living Program, a potential buyer's combined
annual household income cannot exceed the following gross
income (before taxes):
| Household Size |
Maximum Annual
Household Income |
| 1 person |
$39,150 |
| 2 person |
$44,750 |
| 3 person |
$50,350 |
| 4 person |
$55,900
|
| 5+ person |
$60,400 |
Development
of the for-sale homes in the Lowry Community Land Trust
To build the homes, the Lowry Community Land Trust and its
builders have much work to do on the front end. Approvals
must be obtained from the City and County of Denver, and some
additional funds must be raised prior to beginning construction
on the homes. Following is the financing structure necessary
to construct the homes:
Lowry
will subsidize the development of approximately 300 community
land trust homes by contributing the land to the community
land trust at no cost, donating its soft costs, and contributing
the initial operating costs to run the organization. Lowry's
contribution will total approximately $4.5 million.
Lowry's contribution will not be enough to bring the homes
to the market at an average of $136,000
as they cost more to build. This program will require participation
by the City, homebuilders, and equity partners to bridge the
funding gap estimated at an additional $4.5 million. Portions
of this total will be required for each of the projects over
each of the next several years, prior to beginning construction.
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Timing
Lowry's Board of Directors approved the program in August
2000. LRA anticipates that approximately 300 affordable
homes will be developed over the next several years. See
map below to view the first potential locations for homes
to be developed in 2003-2004.
View map illustrating
the first potential locations
How
to Sign Up for Information
The first homes will be built in Fall 2003. At this time,
you can sign up to receive program information as it develops.
You must complete a survey to receive information. Contact
Jane Harrington,
Lowry Community Land Trust, 555 Unita Way, Denver CO 80230,
303-343-0276.
The
Lowry Community Land Trust does not discriminate against
any homeowner or tenant or applicant for housing nor exclude
any person from participation in or deny the benefits of
Lowry Community Land Trust housing programs due to race,
color, creed, ancestry, religion, national origin, sex,
disability, or other handicap, marital status, or status
with regard to public assistance.
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