A goal of building 100 affordable housing units by 2026
With the average home price in Golden approaching $ 800,000 after rising nearly 23.9% in the past year according to Zillow, Golden’s housing affordability crisis shows no signs of abating.
Today, a group of citizens are working to form a 501c3 which he hopes will solve this growing problem by building 100 units of affordable housing for people who work in the city over the next five years.
On August 16, two of the leaders of this group, which calls itself the Golden Home Fund, met with the Golden’s Downtown Development Authority to discuss the group’s plan on how it could partner with the city to begin building these. housing.
They also discussed a specific property that the city recently purchased because it is adjacent to a property the city is considering redeveloping as part of the project called Heart of Golden. They say they could build about eight units on this property.
Preston Evans, one of the Golden residents at the head of the group, said the group’s speech to the city was: the real estate fund would pay for the housing, then look to the city to provide land to build it. . This housing would be priced at what is considered fair market rent for people earning 70 to 80 percent of the median U.S. income. This would see the units priced at around $ 200 to $ 250,000.
“Golden workers could come in and apply and buy a house or a condo and start building equity instead of going up the rental ladder and being pushed into more and more remote places and having to go. get to work, ”says Evans.
Evans said the Golden Home Fund is currently exploring approaches that would involve the use of “high-end modular housing units” that would be built in a factory and assembled on site. Another goal would be for the units to be “zero energy,” meaning that the building produces enough affordable energy to meet its own energy needs.
“The goal is to make it as affordable but as enjoyable as possible,” said Golden Home Fund chief Don Cameron.
During the discussion, members of the DDA raised many desires and concerns for the project, including the need to ensure that the units go to the people who work in Golden and to prevent the owner from turning around and leaving. rent them at a profit.
“I agree with everything you’ve said, but there has to be a mechanism where this plays out,” DDA member Dean Valdez said. “Because for me you have to make sure you hit the community goals for that. “
Another topic of discussion was the extent to which owners of properties would be limited to who they could sell them to – and for how much – to ensure the properties continued to be homes for the workforce.
Evans said one option would likely be for the city to continue to own the land the units are built on, but rents it out to the owners, who would agree to sell the house at a price that would be determined by a formula to someone who is eligible for labor housing.
The Golden Home Fund will make a similar presentation to city council later this year.