Agenda Memo

City of Boulder City Council Agenda Item Meeting Date: June 25, 2026 Agenda Title Consideration of a motion to approve the conveyance of permanently affordable homes located at 3315 Talisman Ct. #C, Boulder, 3365 Chisholm Trl. #B302, Boulder, 775 Bedivere Cir., Lafayette, and 1585 Sagrimore Cir., Lafayette, to eligible buyers and authorize the city manager to execute all associated documents and agreements.

Staff Contact • •

Eli Urken, Homeownership Manager, Housing & Human Services Kurt Firnhaber, Director, Housing & Human Services

Draft Motion Language Staff requests council consideration of this matter and action in the form of the following motion: Motion to approve the conveyance of permanently affordable homes at 3315 Talisman Ct. #C, Boulder, 3365 Chisholm Trl. #B302, Boulder, 775 Bedivere Cir., Lafayette, and 1585 Sagrimore Cir., Lafayette, to eligible buyers and authorize the city manager to execute all associated documents and agreements.

Executive Summary Approval from City Council is required to dispose of city property. The city, through its Housing & Human Services Department, purchased 3315 Talisman Ct. #C, Boulder, 3365 Chisholm Trl. #B302, Boulder, 775 Bedivere Cir., Lafayette, and 1585 Sagrimore Cir., Lafayette, in 2025 and 2026. These homes were purchased with the intention of providing homeownership opportunities to middle income buyers. The Lafayette homes were purchased through the Boulder County Regional Housing Partnership,

administered by the city, using Lafayette’s Affordable and Attainable Housing Tax (AAHT) funding allocation. The homeownership program seeks approval to sell the properties to program qualified buyers. This will allow the homes to be added to the Regional Affordable Homeownership Program.

Council Action Options Option

Outcome

Approve motion language as drafted

If the motion is approved, the homes can be sold to qualified buyers and become a part of the Regional Affordable Homeownership Program.

Define and adopt a modified motion

Council would need to define any modifications or amendments to the draft motion language. This will likely require staff to bring back an amended version later and delay the sale of these homes.

Deny the motion or take no action

If the motion is denied, the homes cannot be sold to qualified buyers, and the city would continue to accrue holding costs.

Refer back to staff

If council refers this item back to staff, the sale of these homes would be delayed.

Alignment with City Plans and City Council History Sustainability, Equity and Resilience (SER) Framework and Citywide Strategic Plan Alignment SER Framework Goal Area Healthy and Socially Thriving Livable Citywide Strategic Plan Strategy 5: Support and provide holistic and accessible programs and services to enable diverse individuals and families to live in Boulder. Priority Action 5c: Collaboratively implement and fund local and regional strategies to increase affordable housing stock and other potential innovative strategies that could provide increased housing options for our unsheltered community.

Staff Notes Expanding affordable homeownership opportunities aligns with current city plans and policies.

Alignment with Additional City Plans Expanding affordable homeownership opportunities aligns with the department of Housing & Human Services’ mission and strategy.

City Council History Staff periodically requests these types of dispositions when adding homes to the Affordable Homeownership Program, now known as the Regional Affordable Homeownership Program

Analysis The Boulder Regional Permanently Affordable Homeownership Program is committed to making homes in our community available to a variety of people. We offer opportunities for homeownership to those with low-, moderate-, and middle-incomes throughout the city of Boulder, and we have recently expanded the program to other areas throughout Boulder County. Authorization of the sale of the properties will provide affordable homeownership opportunities to families in the Boulder region. The purchase and sale of the two Boulder properties will have a net cost of approximately $311,000, an average of $155,500 per home. The purchase and sale of the two Lafayette properties will have a net cost of approximately $478,200, an average of $239,100 per home. The majority of this amount represents the subsidy needed to convert the homes from market rate to permanently affordable. To make the homes affordable, the sales prices needed to be lowered. In addition, some of the systems in the homes required maintenance or replacement. For the city of Boulder homes, the net cost was anticipated and budgeted within the Housing & Human Services initiative that creates middle-income permanently affordable homes, known as the Scattered Site Acquisitions Program. For the Lafayette homes, the net cost was anticipated and budgeted within a funding agreement with the City of Lafayette to cover any and all expenses related to the purchase. These are the first two homes to enter the newly established Regional Compliance Program where the City of Boulder administers an affordability covenant on behalf of the City of Lafayette.

Table A – Property Purchase, Rehabilitation and Resale Costs

Address

3315 Talisman Ct #C

3365 775 Chisholm Trl Bedivere #B302 Cir

1585 Sagrimore Cir

Home specifications

2 bed, 1.5 bath, 2 bed, 1 bath, 968 sq. ft. 963 sq. ft. townhome condo

4 bed, 2 bath, 1,083 sq. ft. single family home

3 bed, 1 bath, 912 sq. ft. single family home

Purchase Amount

≈($375,000)

≈($395,000)

≈($500,000)

≈($460,000)

Rehabilitation Costs

≈($10,000)

≈($15,000)

≈($80,000)

≈($80,000)

Resale Costs

≈($8,000)

≈($8,000)

≈($13,000)

≈($9,500)

Total Costs

≈($393,000)

≈($418,000)

≈($593,000)

≈($549,500)

3365 775 Chisholm Trl Bedivere #B302 Cir

1585 Sagrimore Cir

Table B – Property Sale

Address

3315 Talisman Ct #C

Home specifications

2 bed, 1.5 bath, 2 bed, 1 bath, 968 sq. ft. 963 sq. ft. townhome condo

4 bed, 2 bath, 1,083 sq. ft. single family home

3 bed, 1 bath, 912 sq. ft. single family home

Property Resale Amount

≈250,000

≈$250,000

≈402,200

≈$262,100

Total Costs (from above)

≈($393,000)

≈($418,000)

≈($593,000)

≈($549,500)

Affordable Housing Fund

≈($143,000)

≈($168,000)

≈($190,800)

≈($287,400)

Affordable and

Attainable Tax

Equity Analysis The sale of these homes will give income qualified applicants the opportunity to purchase an affordable home in Boulder or Lafayette while increasing overall socioeconomic diversity. The regional affordable housing program administered by the city is an important tool to help preserve and potentially increase racial and socioeconomic diversity throughout Boulder County.

Fiscal Note Estimated Fiscal Impact Narrative The purchase and maintenance cost of 3315 Talisman Ct. #C and 3365 Chisholm Trl. #B302 in the city of Boulder is budgeted within the Community Housing Assistance Program (CHAP) fund, and revenue from the sales will return to the CHAP fund. The cost for the two Lafayette homes was funded by Lafayette’s allocation of AAHT funds and Boulder County Regional Compliance Program funds. Revenue from these sales will return to the Regional Compliance Program risk fund. Current Year Estimated Fiscal Impact The expense from the purchase of these homes and revenues from the sales were already programmed in existing appropriations. Fund(s): 2140FD Affordable Housing Fund & 1150FD Community Housing Assistance Program Fund Department(s): Housing and Human Services Program(s): Community Investment

FY 2026 Budget

FY 2026 Estimated Impact

FY 2026 Net Change

Beginning Fund Balance

$16,501,186

$0

$16,501,186

Total Forecasted Revenue

$30,783,953

$0

$30,783,953

Total Estimated Expenses

$29,013,384

$0

$29,013,384

Item

Ending Fund Balance(s) After Reserves

$17,876,340

FTE

17.92 FTE

$0

$17,876,340

17.92 FTE

Three-Year Estimated Fiscal Impact

Item

FY 2026

FY 2027

FY 2028

Total Forecasted Revenue

$0

$0

$0

Total Estimated Expenses

$0

$0

$0

Net Estimated Impact

$0

$0

$0

Climate, Resilience, and Sustainability Considerations Wherever possible, feasible, and appropriate, home systems in need of replacement move toward electric and more energy efficient technology. In addition, the purchase of existing homes helps preserve embodied energy in the community compared to new construction.

Community Engagement None

Workplan Considerations Staff time needed to facilitate the property sale is a part of the normal work plan. No additional staff resources are required.

Next Steps for City Council None

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Attachments None