Authority breaking ground on townhomes

John Rebchook, Rocky Mountain News

Published October 4, 2006 at midnight

Text size  

• 0 Comments
• Email
• Print

The Lowry Redevelopment Authority said Wednesday it will be breaking ground on 72 affordably-priced townhomes.

Falcon Point at Lowry will feature two- and three-bedroom townhomes, some with lofts, and all with two-car garages. Homes will range in size from 1,200 to 1,500 square feet and will be priced from $138,000 to $150,000. Falcon Point will be built by Standard Pacific Homes , which will be general contractor for LRA and marketed by the Lowry Community Land Trust, a nonprofit organization.

Falcon Point is the fourth development marketed by the Lowry Community Land Trust, which has sold 106 affordably-priced homes in three neighborhoods, including new townhomes, renovated townhomes and new single family homes.

Lowry chose a land trust model to keep homes affordable in perpetuity and to prevent speculative buying.

Under the land trust model, a homebuyer purchases the home and pays a monthly lease for the land. Homes are priced to be affordable to homebuyers earning at or below of 80 percent of area median income.

Currently, qualifying incomes range from $40,150 for a one-person household to $61,950 for a five-plus person household. When the home is sold, the land trust sets the resale price such that the homeowner can make some profit and the home is sold to the next homebuyer at an affordable price

Featured

• DNC in Denver

  

  Complete coverage of the 2008 Democratic National Convention.

• The Crevasse

  

  A five-part series that examines one tragic day on Mount Rainier.

• Deadly denial

  

  Sick nuclear workers applied for government compensation but most haven't seen a dime.

• Final Salute

  

  The Rocky followed Maj. Steve Beck as he took on the most difficult duty of his career.

• 'Colorado's burning'

  

  Coverage of the state's worst wildfires.

• Columbine shootings

  

  Coverage of the April 20, 1999, shootings at Littleton's Columbine High School.

• The Crossing

  

  Colorado's deadliest traffic accident killed 20 children on Dec. 14, 1961.

• Osveli's journey

  

  Osveli Sales left Guatemala for a better life. Two months later, he came home in a box.

• Wake for an Indian warrior

  

  Oglala Sioux bestow a tribute to the first tribal fatality in Iraq.