Loveland to expand fee-waiver program for affordable housing

LOVELAND — The city of Loveland will expand its fee waiver program to permit construction of more affordable housing.

On a vote of 9-0, the City Council Tuesday night agreed to allow nonprofit and low-income housing tax credit developers to receive a 100% fee waiver for units priced at 80% AMI and below. Previously, the limit was 60% AMI.

AMI stands for area median income, which varies by county and by household size. In Larimer County, the 80% AMI for a household of two is $72,700, and for a family of four isd $90,850.

SPONSORED CONTENT

Commercial Solar is a big investment, but not an overwhelming one

Solar offers a significant economic benefit for commercial property owners while also positively impacting the environment and offering a path to compliance for new municipal requirements like Energize Denver. A local, experienced solar installer will help you navigate the complexities of commercial solar to achieve financial success for your project.

As noted by Allison Hade, community partnership administrator, raising the AMI under which fee waivers are permitted will enable entities such as the Loveland Housing Authority and Habitat for Humanity to build more affordable housing units. Those units available for sale come with deed restrictions — 20 years for Habitat properties.

For Habitat, raising the limit helps middle-income families who were declined because their income was too high. Jeff White, executive director of Habitat, said the nonprofit may be able to increase its home construction from six or eight homes a year to as many as 20. 

For the Housing Authority, raising the limit actually helps the agency build more units at the 30% and 40% AMI because it reduces some cost at the upper levels.

While the council supported the change, members did pose questions about the financial impact of providing the fee waivers. Whether fees are waived or not, inspections and other city services still are conducted, which come at a cost.

Exact projections of increased cost were not forthcoming Tuesday, but as councilmember Laura Light-Kovacs noted, “not addressing homelessness comes at a cost, too. There is a cost of fee waivers but it’s cheaper than letting the community slide back.”

Councilman Steve Olson agreed, saying “this is a small investment that the city can make to build more affordable housing.”