April 30, 2023 Middle Income Down Payment Pilot program launches
Airspace For All believes that, as Boulder residents subsidize the airport, we should decide the future of BDU acreage. If residents want an airport of the current size, so be it. If residents want something different, our opinions should matter.
BDU acreage is the largest plot of developable land in Boulder. It is already within the City limits and zoned for development.
While many people would be happy to see the airport gone, not everyone wants to see BDU acreage developed into housing and would prefer other uses. However, empirical evidence shows that many people think it would be wise to use at least some of it for housing.
Let's consider the recently launched Middle Income Down Payment Pilot program, which aims to help individual families purchase property in Boulder.
"In 2019, Boulder residents overwhelmingly passed Ballot Issue 2I, with nearly 70% voting “yes.” The measure sought to give the city the ability to accrue $10 million in debt in order to provide down payment assistance to middle-income earners in Boulder.... Under the program, first-time buying, middle-income households — defined as households earning up to 120% of the area median income — could receive up to $200,000 in down payment assistance... Boulder would cover interest payments on the loan.
With the city approved for $10 million in debt, reporting from 2019 presumed the program would provide assistance to roughly 10 homebuyers each year." Daily Camera Editorial, City web page.
If each family got $100K, then $10M would help 100 families, courtesy of Boulder taxpayers.
Consider that if 175 acres of BDU land was developed at 16 units per acre, like the Holiday neighborhood in north Boulder, it could support 2800 middle income housing units. Also, the city would reap new property taxes on every unit.
Is supporting 120 airport tenants and other pilots from elsewhere who use BDU for free worth this tradeoff?
Maybe with the increased revenue the land could generate we could have some transportation that benefits everyone, and not just a priveleged few.
Airspace For All believes that, as Boulder residents subsidize the airport, we should decide the future of BDU acreage. If residents want an airport of the current size, so be it. If residents want something different, our opinions should matter.
BDU acreage is the largest plot of developable land in Boulder. It is already within the City limits and zoned for development.
While many people would be happy to see the airport gone, not everyone wants to see BDU acreage developed into housing and would prefer other uses. However, empirical evidence shows that many people think it would be wise to use at least some of it for housing.
Let's consider the recently launched Middle Income Down Payment Pilot program, which aims to help individual families purchase property in Boulder.
"In 2019, Boulder residents overwhelmingly passed Ballot Issue 2I, with nearly 70% voting “yes.” The measure sought to give the city the ability to accrue $10 million in debt in order to provide down payment assistance to middle-income earners in Boulder.... Under the program, first-time buying, middle-income households — defined as households earning up to 120% of the area median income — could receive up to $200,000 in down payment assistance... Boulder would cover interest payments on the loan.
With the city approved for $10 million in debt, reporting from 2019 presumed the program would provide assistance to roughly 10 homebuyers each year." Daily Camera Editorial, City web page.
If each family got $100K, then $10M would help 100 families, courtesy of Boulder taxpayers.
Consider that if 175 acres of BDU land was developed at 16 units per acre, like the Holiday neighborhood in north Boulder, it could support 2800 middle income housing units. Also, the city would reap new property taxes on every unit.
Is supporting 120 airport tenants and other pilots from elsewhere who use BDU for free worth this tradeoff?
Maybe with the increased revenue the land could generate we could have some transportation that benefits everyone, and not just a priveleged few.