Forcing low-income residents to pay for parking at the 30Pearl project and providing a rent reduction to anyone who does not bring a car onto the property was not found legally sound by Boulder’s tax credit investor in the project.
Boulder Housing Partners and the city plan to build 120 permanently affordable homes on the site, with partnerships with private developers, including Morgan Creek Ventures who are building 75 market-rate condos and 29 homeownership units.
But the city’s partner that is investing federal tax credits to help finance the affordable units found charging for parking for the affordable units is not allowable, according to an email to City Council from Boulder Housing and Human Services Director Kurt Firnhaber.
“The change that is proposed … provides the city manager with the authority to waive local zoning standards that conflict with federal Low Income Tax Credit laws,” Firnhaber wrote. “The standards that are at issue are the standards that require parking to be leased separate from dwelling units. … If the requirements of the paid parking are applied, the future of the project is in jeopardy.”
Council on Tuesday agreed to tweak the parking agreement, keeping the project on track to be under construction by the end of the year and avoid any expiration of the tax credits being used for the project.