On January 31, Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced Housing Catalyst as one of the first 16 recipients of the voter approved Proposition 123 Land Banking funds. This funding is intended to support Colorado communities as they acquire and preserve land for affordable housing.
Housing Catalyst was awarded $1,610,000 for the Village on Eastbrook. Located at 3221 Eastbrook Drive, the Village on Eastbrook will bring 73 new homes with affordable rents to Fort Collins. The three-story apartment complex will include 44 one-bedroom apartments and 29 two-bedroom apartments along with community space and a playground.
Housing Catalyst envisions the project as a “Community for All Ages” incorporating senior- and family-friendly amenities. The development team plans to work with local partners like the Partnership for Age Friendly Communities and the Institute for the Built Environment’s Lifelong Homes Program to make the property accessible for people of all ages and abilities. The Village on Eastbrook will provide homes with affordable rents for a range of income levels. Average income for the community will not exceed 60% of Area Median Income (AMI).
The Village on Eastbrook offered a unique opportunity for Housing Catalyst to provide expedited affordable housing in Fort Collins. A local developer approached Housing Catalyst with an offer to sell a 2.9 acre parcel of vacant land with all architectural plans, permits, and approvals for a fully entitled apartment complex. Proposition 123 funding will allow Housing Catalyst to move forward with developing the property.
In all development projects, Housing Catalyst strives to be a good neighbor through thoughtful construction planning, communication, and transparency. The development team looks forward to working closely with neighbors as the project moves forward.
