Willoughby Corner receives tax credit for low-income housing

LAFAYETTE — Planned affordable housing development Willoughby Corner is set to receive $13 million from the Colorado Housing and Finance Authority over the next 10 years. The funds are directed toward affordable housing for seniors and come from Low Income Housing Tax Credits.

Norrie Boyd, executive director of the Boulder County Housing Authority, said in a statement that she was grateful for the support of the community as plans for the development move forward.

“The funding and the green light for zoning allows us to move forward to significantly increase housing affordability for Lafayette in a state-of-the-art neighborhood focused around sustainability and quality of life,” Boyd said.

The site for the 400-unit development at the southwest corner of 120th and Emma Streets in east Lafayette was rezoned from industrial to residential by Lafayette’s city council and planning commission in April, with an approval process for detailed site plans set to take place in June.  Developers hope to begin construction in January 2023.

Of the 400 planned residential units, 360 are apartments set aside for people earning 60% or less of the area’s median income, or around $67,000 for a three-person household. Sixty-three of those apartments are intended for low-income residents over the age of 55. 

The remaining 80 units are set to be townhomes and duplexes available for purchase for people earning 120% or less of the area median income, or around $135,000 for a three-person household. 

The project’s development is divided into phases that were discussed at a Lafayette city council work session May 23. The first phase will include the construction of the senior housing first, followed by the remaining apartments. The total cost for the first phase is set to be $86.6 million.

The project was first set in motion in 2017 with an intergovernmental agreement between the city of Lafayette and Boulder County. Plans for the development were put on hold during the pandemic, but the process is now in motion again. 

A partnership between the Boulder County Housing Authority and graduate students from the University of Colorado led to an emphasis on solar power and xeriscaping while ensuring livability for low-income residents of Lafayette.

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