Unaffordable Affordable Housing

On July 18, the town marks a significant event with the groundbreaking ceremony at the Cheesman Street Residences. This government housing project is part of the Mayor's affordable housing pledge. In reviewing the project documentation, it appears that Erie taxpayers are paying ~$3.5 million to construct 35 deed-restricted units, or ~$100,000 per unit. The project is also open to those who make up to 120% (first buyer) and 140% (subsequent buyers) of Boulder County's adjusted median income (AMI). Is that affordable for those really in need? Worse, there are restrictions on the equity one builds, removing one of the best ways to grow your nest egg.

Many of us understand the affordability challenge for critical community members like firefighters, police officers, teachers, librarians, and town employees who wish to live and work in Erie but can’t. However, I am struggling to see how the current model can scale. Do Erie residents want, or can we afford, to fund incremental affordable housing units at $100,000 per unit as the program scales ($10 million per 100 units), or should we explore alternatives like stipends?