A nonprofit based in Golden, Colorado has decided to tackle the lack of affordable homes in the north central part of the state with a unique home-building campaign.
The nonprofit Golden Home Fund says it would like to build as many as 100 such homes in the next 5 years.
The group is responding to a currently hot real estate market seeing the average new home in Golden priced at around $772,000.
Officials with the Golden Home Fund have already met with the city’s Downtown Development Authority in the hope of forming a partnership to build the new homes.
The group is particularly interested in a 7.2-acre site to the east of Ford Street along the Clear Creek Corridor that the city recently purchased, a portion of which could be used for the construction of an initial eight housing units.
Golden Home Fund officials say they want to establish a fund that would pay to build the new homes, provided that the city could make available the land needed for such construction.
Those new homes would all be priced in the $200,000 to $250,000 range and would only be available to working people in Golden who are making anywhere from 70% to 80% of American Median Income, which is currently just over $78,500.
Still a work in progress, the Golden Home Fund’s home construction initiative is expected to be presented to the Golden City Council sometime this fall.
By Garry Boulard
