The condominiums going in at 29th and Welton will be restricted to households earning up to 80 percent of the area median income. just greenlit almost $5 million to turn a Regional Transportation District parking lot next to the shuttered L line light rail station at 29th and Welton streets into"permanently affordable" condominiums.
According to HOST, the six-story condo building going in at 29th and Welton will be made up of one- to three-bedroom units, all of which are income-restricted to households earning up to 80 percent of the AMI. For single-person households, that would be up to $71,900 and then up to $92,400 for three-person families.
"Elevation...in their land lease, they have a specific formula that kind of dictates how homes are resold and how those prices are set and how the equity is shared to that home buyer," he added."There is a cap . That's spelled out in land lease, and subsequent home buyers will sign that lease as well."
"This is an amazing development," said Councilmember Darrell Watson, who is a Five Points resident."I know, from living in the neighborhood and that empty lot for fifteen years, what this is going to do."that turning unused RTD parking lots and spaces into affordable housing is something the agency wants to do more of.
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