Community Housing Program, Information for Current Home Owners, Longmont, CO

Community Housing Program, Information for Homeowners

Notice to Owners

August 2011 - The Longmont City Council voted to end the Inclusionary Zoning Ordinance, which is the ordinance responsible for the Community Housing Program (the Program). This is the Program through which homebuyers purchased a home at a below market price in exchange for agreeing to affordability restrictions should they sell during the Period of Affordability.

Because the Program is being dissolved, current homeowners will eventually be released from the Program. City Council passed an ordinance allowing staff to release homeowners from the Community Housing Program and all affordability requirements on August 23, 2011. This ordinance will go into effect on October 1, 2011. A market rate sale or refinance may not occur until after that date.

Because the legal documents that are placed on each affordable property are two-party agreements, homeowners will be required to sign a written form agreeing to be released from the Program. This form will be available to homeowners starting in mid-to-late September.

Once the ordinance takes effect and staff has received a homeowner’s signed agreement to be released, staff will prepare the legal documents for each property and have them recorded with the County Recorder’s Office.

Each year the Community Housing Program sends the Boulder County Assessor’s Office the affordable value of the homes in the Program, which is used as the assessed value to determine a home’s annual property taxes. Once a home is released from the Program, the Assessor’s Office will begin assessing properties at their market rate value. This may result in an increase in a property’s value starting in 2012.

Upcoming Informational CHP Homeowners’ Meeting
The city will hold four meetings for CHP homeowners to answer any questions and address concerns they may have regarding the dissolution of the Program. Please try to attend one of the following meetings to understand the process for having your home released from the Program and to have your questions answered.

Wednesday, September 7
Fire Station #3
1000 Pace Street
6:00 PM—7:30 PM

Thursday, September 8
Fire Station #5
617 Barberry Street
6:30 PM—8:00 PM

Wednesday, September 28
Longmont Public Library
409 4th Street
6:00 PM – 7:30 PM

Saturday, October 1
Fire Station #5
617 Barberry Street
10:00 AM – 11:30 AM

For more information, please contact Molly McElroy at 303-651-8530 or molly.mcelroy@ci.longmont.co.us.