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Longmont partners with Colorado developer to bring more affordable housing to the city

Longmont partners with developer to bring more affordable housing to the city
Longmont partners with developer to bring more affordable housing to the city 02:19

The city of Longmont took a major step toward increasing homeownership opportunities today with the groundbreaking of a housing project that hopes to make homeownership more affordable and attainable for median-income residents.

Developed in partnership with development firm Vertikal, the initiative will bring dozens of homes to the area, specifically for people and families with median incomes.

Diana Parker, a single mother, is already envisioning her new home in Erie.

"As a single mom, this is the first thing that I will own just myself," she said. "It's just for me and the kids, and it's really exciting."

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Diana Parker Diana Parker

Her future townhome will be priced at about half the cost of some of the neighboring million-dollar homes. This affordable housing development aims to provide homes for people who are often priced out of the local market.

"I work part-time at my kids' elementary school, and I also just started going back to grad school. I didn't think it would be possible for me to stay in Erie or buy a home in the next few years," Parker said, "but now I'm on my way to homeownership."

Construction on the project is just beginning, with plans to build more than 100 affordable homes over the coming years. Walker Thrash, managing partner at Vertikal, who's worked with Longmont for several years on this project, acknowledged that while the housing crisis is complex, the development could be part of the solution.

"We can't solve the problem entirely; it's a much bigger issue with supply," Thrash said. "But we can at least start to figure out a model to supply some of that housing stock in cities like Longmont."

Longmont City Manager Harold Dominguez stressed that this project is a key part of the city's broader efforts to address the growing gap between income levels and home prices.

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A rendering from developer Vertikal shows what a Longmont neighborhood will look like after construction. Vertikal

"When we look at our housing study, we need thousands of units in this price point based on what we're seeing in our community," Dominguez said.

The city is already considering future developments as it works with local partners to create more affordable housing across Colorado.

Dominguez added, "It's providing opportunities for people, assisting our local businesses in hiring, and we really hope that this project can be replicated in the future."

Although move-in is not expected for a few years, the interest list for the new homes is already online, with applications opening this spring.

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