Boulder Invests $21.38 Million in Affordable Housing: City’s Largest Annual Commitment to Date – Jennifer Egbert – Boulder Real Estate

Boulder has taken a significant step to increase its affordable housing options by awarding $21.38 million in grants from its Affordable Housing Fundthe largest annual investment ever. Funding comes from a variety of local sources, including commercial link fees, inclusionary housing payments and a countywide affordable housing tax. This supports Boulder’s long-term goal of making 15% of all housing in the city permanently affordable by 2035.

What the financing supports

This year’s awards are expected to add 184 new permanently affordable homes to Boulder, in addition to preserving dozens of other homes. Several important projects receive support:

• Golden West-North Tower will receive funding to convert a vacant assisted living building into 31 independent living apartments for low-income seniors, with 21 units permanently affordable. The renovation also includes accessibility improvements and updated shared spaces.
• Penrose place, located on 33rd Street, is the largest project funded this cycle. 113 permanently affordable apartments will be created, all reserved for households earning between 30% and 60% of the area median income (AMI). In this development, the emphasis is on energy-efficient living in a promising neighborhood.
• The 34th Street Project will deliver 44 all-electric townhome-style units to Boulder, providing one- to three-bedroom homes for individuals and families within the AMI range of 30-60%. The design focuses on sustainability and modern features.
• Thistle Community Housing’s Fairways Apartments will undergo significant rehabilitation, with conservation 70 existing affordable units. The improvements – including new roofing, deck repairs, updated kitchens and updated landscaping – will help maintain affordability and ensure residents can stay put.

Why this matters to Boulder

Local leaders, including Kurt Firnhaber, Boulder’s Director of Housing and Human Services, emphasize that this level of investment is essential to help families, seniors and essential workers continue to live in Boulder. Rising housing costs are putting pressure on many households, and permanently affordable housing offers long-term stability.

Boulder’s strategy emphasizes not only new construction, but also maintaining existing affordability, an important approach in a city where land and development costs make new units expensive to build. By supporting both new construction and rehabilitation, the city aims to keep affordable housing options available for decades to come.

The bigger picture

Affordable housing in Boulder is defined as housing that costs no more than 30% of a household’s income and is maintained as income-restricted in perpetuity. The city has steadily increased its inventory since the early 1990s, but demand continues to exceed supply.

This latest round of investment demonstrates Boulder’s continued commitment to closing that gap. The projects funded this year serve a diverse group of residents, including seniors, working families and those with lower wages, who are increasingly priced out of the region.

Looking ahead

If Boulder continues to invest at this level, the city could become a regional example of how affordability can be built and maintained, primarily through partnerships with nonprofit housing organizations, strategic use of local revenue sources, and a focus on community well-being and long-term stability.