Why is affordable housing required in Longmont?
In response to the rise in home prices, the City implemented the Community Housing Program in late 2001. This program requires that developers offer at least 10% of their homes to homeowners through the affordable program which is targeted to low and moderate-income households. The industry standard is that usually a household can purchase a home valued at three times its annual salary. The median house price in Longmont is currently $236,000 (Boulder Area Realtor Association), requiring that a household must make at least $78,840 annually to afford that home. In Longmont, 80% of the median income for a household of 4 is $61,500 (the high-end of the income spectrum that the Community Housing Program assists) allowing a household to comfortably purchase a home for no more than $184,500, well below the median price of a home in Longmont.
