Stanford Court plan for senior affordable housing delayed as developers rethink approach – Boulder Daily Camera

The review process for a proposed senior affordable housing project in south Boulder has been delayed, as developers consider a new arrangement with a slowed-down timeline.At 3485 Stanford Court, on the 5-acre site of Mt. Calvary Lutheran Church, Boulder Housing Partners and the local senior housing community Frasier have plans to build 45 one- and two-bedroom apartments — 100 percent of which would qualify as permanently affordable.

The project was set to go before the Boulder Planning Board for a public hearing and concept review on Thursday, but the applicants pulled out in order to reconsider a key aspect of the proposed deal.

What’s being rethought now is a detail in the plan that calls for Frasier to acquire the property from Mt. Calvary and have Boulder Housing Partners develop it. They would then lease space on-site back to the church for $1 per year for up to 15 years.

Source: Plan for south Boulder senior affordable housing delayed as developers rethink approach – Boulder Daily Camera

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