Council gives staff nod-of-3 to research incentives for homeownership options

Council granted a nod-of-3 on March 6 for city staff to research incentives and programs that could encourage homeownership options, including non–deed-restricted models. The nod of three means staff will pursue additional research and return with information for council review.

Council Member Mark Marquis framed the request as exploring ways to create incentives for ownership beyond the city’s deed-restricted programs, citing constituent interest in ownership for financial predictability. Staff said they will prepare an information packet detailing current homeownership programs (including down payment assistance and inclusionary housing efforts) and noted Boulder’s participation in a Bloomberg Philanthropies City Leadership Initiative to explore innovation in affordable housing programs.

Mark Wolf, assistant city manager, and other staff said the Bloomberg partnership will examine the city’s inclusionary housing program, zoning regulations, financing structures and other elements and expects to deliver results in late summer (August–September). Staff told council that adding additional benchmarking research on best practices from other cities is possible but would likely delay the information packet by about two months. Staff also said findings from the Bloomberg-supported work are intended to feed into the Boulder Valley Comprehensive Plan update.

Council members discussed the desired scope, the opportunity to use National League of Cities resources and the importance of tailoring any options to Boulder’s specific land- and construction-cost context. After a brief discussion, council members present indicated support; the mayor called for a visible show of hands and the nod-of-3 was confirmed.