Council exploring subsidies for elderly housing plan

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Council exploring subsidies for elderly housing plan

By Alisha Jeter Rhines

Broomfield News, April 16 2003

The city plans to work with developers of a proposed Highland Park elderly living project to keep building costs down and rents affordable.

City Council reviewed a financing plan for the Broomfield Greens Elderly Housing project Tuesday night. The plan was originally seen in concept review in September, when council asked for more details on architecture, landscaping and other aesthetic issues. The project replaced an earlier plan that would have offered affordable townhomes to families on the site next to Maryel Manor near 10th Avenue and Sheridan Boulevard.

Instead, the new plan would include 50 affordable apartments for seniors, with rents ranging from $535 to $635. Rents would be stable for the next 40 years under financing agreements with lender the Colorado Housing Finance Authority, Longmont developer Berry Serlis said. There would be 46 one-bedroom and 4 two-bedroom apartments.

"It's the kind of project Broomfield needs. We need to figure out how to come up with a proper subsidy," City Councilman Hank Stovall said, saying he supported a mix of a county and state housing program funding and a tax subsidy.

Council, in general, supported subsidies Tuesday night for the more than $6 million project — including reimbursing city and county use taxes worth $59,500, reimbursing permit and plan review fees worth $17,000 and reducing developer fees worth $100,000.

The Broomfield Housing Authority could also be given an ownership interest in the project to allow some property tax reimbursements from the state.

The project is being financed by a low-interest loan from CHFA, as well as by the sale of tax credits, Serlis said. To make up the rest of an estimated $1 million shortfall between costs to build the project and revenues from rents and financing, Serlis and city staff will also request state and Adams County HOME program funds totaling $715,000.

Following the September concept review, the developer was concerned the project may not be financially feasible. Architectural additions council wanted would have cost more than $400,000. Council members conceded many of those after Assistant City and County Manager Kevin Standbridge discussed their costs Tuesday night.

Some brick is expected to be retained in the plans for areas of the building facing homes on Highland Park Drive, as well as Sheridan Boulevard.

Seniors earning less than 40 percent of the area median income of about $64,000 are targeted for the community, Standbridge said.

In addition, Serlis agreed to extend preference to those referred by the Broomfield Housing Authority and to Broomfield residents, to the extent allowed by fair housing laws.

Five other elder housing communities exist in the city, including a range from nursing care to independent living.

"I frequently get calls from people in Broomfield who would like to have something like this for their parents instead of having to have them live outside Broomfield," Mayor Karen Stuart said.