Boulder clears way for affordable housing at 185-unit Tantra Lake Apartments – Boulder Daily Camera

The Boulder City Council on Tuesday cleared the way for the sale of the 185-unit Tantra Lake Apartments complex, which will now be dedicated for low- and middle-income housing.Boulder Housing Partners, the city’s housing authority, has a deal in place to buy the complex but needed the City Council’s help to facilitate the sale. That’s because the property was illegally subdivided in 2004 — a fact unearthed during the sale process, and requiring council action to resolve. …

Former City Councilman and current neighborhood activist Steve Pomerance pressed city officials as to why the ordinance needed to be hurried, and Boulder Housing Partners Executive Director Betsey Martens responded, “The bank is taking a very conservative approach … (and) insists on a closing in April, which the seller can’t accommodate. Hence the single reading to get a closing in March. …

Source: Boulder clears way for affordable housing at 185-unit Tantra Lake Apartments – Boulder Daily Camera