Boulder County awards $1.084 million for 153 planned Willoughby Corner homes

Boulder County commissioners awarded $1.084 million to help finance 153 planned affordable homes at Willoughby Corner in Lafayette, including rentals for people with intellectual and developmental disabilities.

The county’s grant agreement covers Willoughby Corner Phases IIA, IIB and III at 928 Canterbury Drive. The project is planned to include 32 rental homes for households with intellectual and developmental disabilities, 48 additional affordable apartments and 73 affordable homes for sale.

The 32 disability-focused rentals are planned for households earning an average of 48% of the area median income. The other 48 rental homes are designated for households earning 60% to 80% of area median income. The rental units must remain affordable for at least 15 years under the agreement.

The agreement sets certificate-of-occupancy deadlines of Dec. 31, 2027, for Phase IIA and Dec. 31, 2028, for Phase IIB. It requires the county grant to be spent by Dec. 31, 2027. The 73 Phase III homes are to be offered through the Boulder Regional Affordable Homeownership Program within 12 months after the grant is spent.

The county’s current Willoughby Corner webpage says Phases 2 and 3 remain in the planning process. Phase 1 is complete, according to the webpage.

The project’s planned financing also includes $6.018 million in private-activity bond volume cap: $3,937,459 from Boulder County and $2,081,317 from Lafayette. The Boulder County Housing Authority resolution accepting the allocation declares the authority’s intent to issue housing revenue bonds later; it does not establish that the bonds have been issued or that financing has closed.