Fort Lupton officials celebrated the opening of the city’s first affordable housing development in 15 years April 23, cutting the ribbon on the Sagebrush apartments at 1365 2nd St.
“Having workforce housing located right on a major transportation corridor and so close to grocers, medical care, bank, hardware, auto parts, and even our new library has made this project even more important than we knew originally,” said Mayor Zo Hubbard.
The project includes two 36-unit buildings in the heart of Fort Lupton, according to a news release.
Hubbard celebrated the ribbon-cutting ceremony with representatives from developers The Michaels Organization, the Colorado Housing and Finance Agency and the Colorado Department of Local Affairs.
“Sagebrush represents far more than just new apartments,” said James Weglarz, regional vice president of development for The Michaels Organization. “This new community is a significant investment in the lives of Fort Lupton residents and will ensure affordable housing is an accessible resource for all in Southern Weld County.”
According to real estate website Trulia, rents at the Sagebrush apartments range from $750 to $975 per month. Developers used the state’s low-income housing tax credit to provide affordable rents. It was developed for a variety of incomes to make it affordable.
The Weld County Housing Authority provided affordable housing vouchers and the Fort Lupton Housing Authority obtained a federal PILOT, or a payment in lieu of property taxes, for real estate tax relief, according to officials.
“Sagebrush Apartments’ ribbon cutting marks a significant milestone in our ongoing commitment to creating and maintaining housing for all Coloradans, regardless of their budget,” said Maria De Cambra, executive director of the state Department of Local Affairs.
“Projects like Sagebrush demonstrate the importance of affordable housing initiatives in addressing the diverse needs of our community and enhancing the quality of life for everyone in Colorado,” De Cambra said. “Together, we are building a more inclusive and resilient future where housing affordability is within reach for all.”
The project has one-, two-, and three-bedroom units with in-unit washers and dryers and are designed to be energy-efficient. The development includes a 2,300-square-foot clubhouse with a leasing center, a fitness center and a park.
According to officials, The Sagebrush Apartments cost $25 million to build, which included several funders and stakeholders, including private equity raised through the sale of Low-Income Housing Tax Credits distributed by the Colorado Housing Finance Agency.