Work has started on the Solis Townhomes, the latest for-sale affordable housing to be developed in Denver.
Located at 3390 Humboldt St. in the Cole neighborhood, the 11 townhomes will be available to moderate-income households later this year. The project features two- and three-bedroom units with prices set at $147,000 and $167,000, respectively. The two-story townhomes range from 1,268 to 1,954 square feet and each includes an unfinished basement. Amenities include solar panel energy savings and off-street parking.
Households earning up to 80 percent of area median income (up to $44,900 for a one-person household or $57,700 for a family of three) are eligible to purchase the homes.
"In today's challenging real estate market we're proud to celebrate each and every new affordable home ownership opportunity that we're able to bring forward," says Denver Mayor Michael Hancock. "The Solis Townhomes illustrates our ability as a city to leverage additional income-restricted units for Denver's hard-working families."
Cecil Development is developing the Craine Architecture
-designed project for the Colorado Community Land Trust
, which will own the land beneath the townhomes and ensure long-term affordability.
The project is one of the final developments under way that is the result of the city's Inclusionary Housing Ordinance, which changed this month with the implementation of Denver's new dedicated fund for affordable housing. The IHO required developers of projects with 30 or more units to invest in Denver's affordable housing, either by providing 10 percent of the projects units as affordable, by providing a cash-in-lieu payment or by negotiating an alternative satisfaction with the city.
The Solis project fulfills an alternative satisfaction agreement with The Pauls Corp.
for the development of a 71-unit condominium project at 155 Steele St.
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at firstname.lastname@example.org.