I must not be hearing you correctly — for whatever frequency your speaking.
Yanny, Laurel — yes, you actually are hearing this correctly (and the frequency debate is actually sourcing from the word affordable — trick question, I know).
So what’s the scoop? For those of you who have been following along, last month’s newsletter spoke of the Coloradan, a 334 unit condo development (and first of its kind) which is nestled away in the heart of Union Station. Not only is this the first condo development built in downtown Denver in nine years (due to the construction defect law), but it is also the first to make its mark as an affordable housing option amongst an area of prime real estate. If that’s not enough, this development also boasts elite amenities –including a club lounge, owner’s library, pool deck, and rooftop garden. The question begs then; when did the word affordable become so bougie? Sign me us up already, right?
Yes, well get in line, as the good news has spread fast. To secure one of these affordable housing units, you must not only meet the affordable housing requirements (listed below) but you must also be one of the ‘chosen ones’ from the housing lottery drawings, which 400 people have already expressed interest in, with hundreds more considering.
- You must make in between 50% and 95% of the Denver’s medium income, or a maximum of about $60,000 and minimum of $31,500 for a single person.
- You will not be allowed to resell your unit for full market price for the first 25 years — and are capped to a 3.5% annual appreciation rate for the first 15 years. Aka your home is locked into the affordable housing program for the next quarter century.
- Your unit must be your primary residence and you are not allowed to lease out your unit unless under ‘extreme hardship circumstances’ — and even then you cannot collect rent beyond the amounting of your mortgage and HOA dues.
- If you have leased a second bedroom to a roommate, they must also qualify under the affordable housing guidelines.
- Speaking of premiums– those for your HOA will be assessed on a square footage basis and will range between $400-$460 a month (that pool deck isn’t going to pay for itself after all).
- And on the topic of which — you may want to consider abandoning your car as a leased space will add on an additional $195 a month.
- YANNY! Laurel — I thought you said affordable?
If you are still interested however, and are feeling lottery lucky — let me know, and we can get the ball rollin’.