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Wheat Ridge moves to preserve Fruitvale School Lofts as long-term affordable housing; council approves agreements
Summary
Council approved termination and funding agreements to facilitate sale of Fruitvale School Lofts to Foothills Regional Housing to preserve 16 units as affordable housing using HUD funds and Housing Authority loan forgiveness.
WHEAT RIDGE, Colo. — The Wheat Ridge City Council approved a termination agreement and a funding agreement related to the planned sale of Fruitvale School Lofts to Foothills Regional Housing, a step staff says will secure long-term affordability for the building’s 16 dwelling units.
Why it matters: The sale, as presented to council, is intended to preserve the existing affordable units and place previously market-rate units under affordability controls. The plan relies on multiple funding pieces — including a $2,000,000 HUD allocation and loan forgiveness by the Wheat Ridge Housing Authority — and requires coordination and HUD closing…
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