BOULDER, Colo. — The City of Boulder announced it is making its largest one-year investment in affordable housing, distributing over $21,380,000 to two organizations that will add 184 affordable homes to the city’s inventory.
“It benefits all of Boulder, not just the folks who end up living in these new units. These folks will end up working in local businesses and sending their children to our schools and really just making our community more diverse for everybody,” said Meghan Sandt, Boulder’s Housing Investments senior project manager.
Boulder Housing Partners received $15 million to build a 113-unit housing development called Penrose Place. The group also received $4.4 million for 44 affordable townhouse-style homes. These homes will be available to households earning 30–60% of the area median income (AMI).
Boulder Housing Partners was also granted $1.4 million to expand senior housing by converting a formerly vacant assisted living tower into 31 independent living apartments.
“We want to make sure that people can age in place. We don't want to have anyone being forced to move out of the place where their community lives, where their friends are, where their family is, as they get older and get priced out of the market,” said Sandt.
Thistle Community Housing received $500,000 to renovate and preserve 70 affordable homes. Those will be available to residents earning up to 60% AMI.
Boulder County’s AMI is $81,900.
For a single person to qualify they would need to make no more than $63,300 annually. A family of four would be eligible if they make less than $90,360 a year.
The funding for the Affordable Housing Fund comes from commercial linkage fees, Inclusionary Housing cash-in-lieu, and the county’s Affordable and Attainable Housing Tax. Inclusionary Housing cash-in-lieu allows developers to contribute to the city's affordable housing goals through a "cash-in-lieu" (CIL) payment instead of building 25% of the total units as permanently affordable housing.
Boulder’s goal is for 15% of all homes to be permanently affordable by 2035. Currently, Sandt says they are just below 9%.
The city added 242 new affordable homes in 2025.
