Permanently Affordable Homes sell for a fraction of market rate.
Boulder has created a wonderful opportunity for people who want to live in the City, but perhaps cannot afford the high cost of housing. Permanently Affordable (PA) is geared towards potential home buyers making sixty to eighty percent of the area median income. There are restrictions on
income, assets and real estate holdings for the buyer; and the homes must be owner occupied.
PA homes are built to a very high standard. PA homes are frequently new or recent construction, built to a very high standard and indistinguishable from their market rate cousins. Of course, there are some “catches.”
Permanently Affordable Restrictions
The City of Boulder places a restrictive covenant on the property to control the price. The homes do not appreciate with the market, but are instead tied to a percentage of the gain (or loss) of the local area median income. Properties are generally limited to no more than a three and a half percent annual gain. Boulder has a sliding eligibility scale based upon family size and some properties are sold by lottery, allowing multiple to bidders to compete equally, rather than on a first-come, first-serve basis. The homes must be sold to PA eligible buyers. Consumers are able to live in fantastic locations within Boulder.
Boulder Colorado Goals
The primary goal of the program: keep Boulder affordable for eveyone. With resale housing stock always affordable, future buyers of walks of life will have the opportunity to live and work in Boulder. For additional information, visit the City of Boulder website. To view currently available properties in the PA home collection.
Is there a program like this where you currently live? How did you first hear about Permanently Affordable housing?
Be sure to view my 2013 update with more detailed information here.