Among other agenda items, the Broomfield City Council is scheduled to meet on Tuesday to discuss solutions to rising housing costs, including a proposal for new income-aligned housing in the city.
The council will review the Broomfield Housing Alliance’s requests to build a new income-aligned residential development near the Broomfield County Commons.
The development, dubbed The Grove at Cottonwood, would include a total of 40 one and two-bedroom units, with 25% of units dedicated to residents with intellectual and developmental disabilities, and the remaining 75% for residents that make below 60% of the area’s median income.
The units would be spread across a one-story building, a two-story building and a three-story building. The council is slated to review the requests necessary for development, including rezoning and public right-of-way vacation.
The agenda also includes a vote on the proposed down payment assistance program, which would offer loans to homebuyers in the city and county. Eligible residents would be middle-income earners making less than the area’s median income.
The program proposes a $1 million budget for 2024, with 10% of that going toward administrative costs. The program would be administered by the Colorado Housing Assistance Corp., a nonprofit that has offered homeownership assistance in the state for over 40 years.
Additionally, the agenda includes a vote on an expansion to Broomfield’s property tax refund program for seniors, disabled veterans and disabled residents. The expansion would extend the income requirements for eligible applicants, allowing participants with incomes up to 80% of the area median income.
If approved, the expenses for the program expansion on top of the existing program are estimated at $2.3 million, with $1.2 million going toward the expansion alone. The additional funds would be provided through a budget amendment for the county’s general fund.
The meeting will take place at 6 p.m. Tuesday in the George Di Ciero City and County Building. The public is welcome to attend in person or virtually at broomfield.org/live.