Colorado State University trades 5 acres with Timberline Church to create affordable staff housing
Colorado State University has broken ground on a new apartment complex off-campus that will help address concerns about affordable housing for staff. The new apartments were made possible by a partnership with Timberline Church and Tetrad Real Estate.
"We want these apartments to go to the people who need it the most," said Brett Anderson, Special Assistant to the Chancellor at CSU.
The decision to build the apartment complex, which will offer 180 new units, came after a survey of CSU staff showed many had insecurities when it came to obtaining affordable housing. In an effort to retain talent, and also recruit more in the future, CSU reached a deal with Timberline and Tetrad to create a new complex next to the church's property.
CSU traded five acres of land along Timberline Road with the church which owned 10 acres of land behind their facility. Then, according to Anderson, Tetrad Real Estate offered to build the complex at a cost that would make the project more affordable.
"(The three parties) came together and do something meaningful to address the affordable housing challenge in northern Colorado and all of Colorado in general," Anderson said.
Of the 180 units that will open in Winter of 2023, 60 will be reserved for CSU staff members in need of affordable housing. In order to qualify for the reserved 60 units applicants must be CSU staff members. A majority of the reserved units will be rented to those living at 80% of the median income of the city. Six of them will be reserved for staff members making 60% or less of the median.
The units will be offered in one, two or three bedroom sizes.
"And, there is no difference between the affordable units and the market rate units," Anderson said.
The remaining units that aren't being reserved for CSU staff will be made available to rent by members of the community. Anderson said it was important that the staff members be surrounded by other community members not affiliated with CSU as a way to build a stronger community.
CSU employs more than 10,000 people every year. While the complex will not offer enough units to completely address the need for more affordable housing, Anderson said it will be a launching pad for even more projects of this nature in the future.
Anderson said those who apply for the housing will need to meet a set of standards in order to qualify. However, many of those requirements have not been solidified as of the posting of this article. However, Anderson said those who are applying for units that will also house their families will also be asked about their family's financial need. By getting more information on the family's financial status the complex will be able to better prioritize selecting those in greatest need.
