Matters Memo

City of Boulder City Council Agenda Item Meeting Date: October 9, 2025 Agenda Title Consideration of a motion authorizing the City Manager to convey the permanently affordable homes at 3355 Talisman Ct #C, 3335 Chisholm Trl #202, 3120 Corona Trl #L301, and 3375 Chisholm Trl #A101, Boulder, CO to eligible buyers and sign all associated 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 authorize the City Manager to dispose of the permanently affordable homes at 3355 Talisman Ct #C, 3335 Chisholm Trl #202, 3120 Corona Trl #L301, and 3375 Chisholm Trl #A101, Boulder, CO to eligible buyers and sign all associated agreements.

Executive Summary Approval from City Council is required to dispose of City property. The city, through its Housing & Human Services Department, purchased 3355 Talisman Ct #C, 3335 Chisholm Trl #202, 3120 Corona Trl #L301, and 3375 Chisholm Trl #A101, Boulder, CO in 2025. These homes were purchased with the intention of providing homeownership opportunities to middle income buyers. The homeownership program seeks approval to sell the properties to program qualified buyers. This will allow the homes to be added to the city’s 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 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 this 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 it would delay the sale of these homes.

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.

Analysis The City’s 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. Authorizing the City Manager to sell the properties will provide opportunities for permanently affordable homeownership to families in Boulder. The purchase and sale of these properties will have a net cost of approximately $562,200, an average of $140,550 per home. The majority of this 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 require maintenance or replacement. 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. Table A – Property Purchase, Rehabilitation and Resale Costs

3355 Talisman Ct #C

3335 3120 Chisholm Trl Corona Trl #202 #L301

Home specifications

2 bed, 1.75 bath, 968 sq. ft. townhome

2 bed, 1.5 bath, 963 sq. ft. condo

2 bed, 1.5 bath, 2 bed, 1 bath, 988 sq. ft. 862 sq. ft. condo condo

Purchase Amount

≈($425,000)

≈($400,000)

≈($400,000)

≈($225,000)

Rehabilitation Costs

≈($10,000)

≈($20,000)

≈($20,000)

≈($175,000)

Resale Costs

≈($9,000)

≈($9,000)

≈($9,000)

≈($8,000)

Total Costs

≈($444,000)

≈($429,000)

≈($429,000)

≈($408,000)

Address

3375 Chisholm Trl #A101

Table B – Property Sale

3355 Talisman Ct #C

3335 3120 Chisholm Trl Corona Trl #202 #L301

Home specifications

2 bed, 1.75 bath, 968 sq. ft. townhome

2 bed, 1.5 bath, 963 sq. ft. condo

2 bed, 1.5 bath, 2 bed, 1 bath, 988 sq. ft. 862 sq. ft. condo condo

Property Resale Amount

≈298,200

≈$288,200

≈288,200

≈$273,200

Total Costs (from above)

≈($444,000)

≈($429,000)

≈($429,000)

≈($408,000)

Affordable Housing Fund

≈($145,800)

≈($140,800)

≈($140,800)

≈($134,800)

Address

3375 Chisholm Trl #A101

Equity Analysis The sale of these homes will give income qualified applicants the opportunity to purchase an affordable home in Boulder while increasing overall socio-economic diversity. The city’s affordable housing program is an important tool to help preserve and potentially increase racial and socioeconomic diversity.

Fiscal Note Estimated Fiscal Impact Narrative The purchase and maintenance cost of these homes is budgeted within the Community Housing Assistance Program fund, and additional appropriation is not needed. Current Year Estimated Fiscal Impact The 2025 appropriation for this program is $2 million, and the expenses related to these homes falls within this budget. Fund(s): Community Housing Assistance Program Department(s): Housing and Human Services Program(s): Community Investment

FY 2025 Budget

FY 2025 Estimated Impact

FY 2025 Net Change

Beginning Fund Balance

$6.12M

$0

$6.12M

Total Forecasted Revenue

$5.18M

$0

$5.18M

Total Estimated Expenses

$4.02M

$0

$4.02M

Ending Fund Balance(s) After Reserves

$7.18M

$0

$7.18M

FTE

7.00 FTE

Item

7.00 FTE

Three-Year Estimated Fiscal Impact

Item

FY 2025

FY 2026

FY 2027

Total Forecasted Revenue

$0.0M

$0.0M

$0.0M

Total Estimated Expenses

$0.0M

$0.0M

$0.0M

Net Estimated Impact

$0.0M

$0.0M

$0.0M

Climate, Resilience, and Sustainability Considerations Wherever possible, feasible, and appropriate – home systems in need of replacement move towards 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