It’s no secret that the housing prices in the Fort Collins area continue to soar. Unfortunately, that’s putting the dream of home ownership out of reach for many in the Northern Colorado area. Housing prices have jumped more than 15% in the last two years, outpacing national averages by nearly twice the rate. The rising costs of purchasing a home has also put a crunch on the availability of affordable housing in Fort Collins. Now, the city may plan to expand affordable housing options by making a withdrawal from the land bank.
Starting in 2001, the city of Fort Collins began purchasing plots of land throughout the city with the goal of holding onto them until they are ready to develop more affordable housing. This created the land bank containing properties in five different areas throughout the city that, when developed, could create more than 600 affordable housing units. While there are no plans currently underway to start developing affordable housing on the land bank properties, the city is interested in working with developers on the project.
Housing crunches like the one currently being experienced in Fort Collins don’t last forever. There will be new, more affordable options for residents who want to live in the area but who can’t afford to purchase at the current prices. Until these new affordable housing communities open up on the land bank properties, look for other options such as The Villages in Fort Collins. The Villages currently operates nine affordable housing communities in desirable locations all over the city, complete with maintenance, pet-friendly sites, and great amenities. Learn more at http://www.villagesfortcollins.org/.