Boulder Real Estate Affordable Housing Upgrade Policy

The City of Boulder will have a new upgrade policy for new Boulder real estate built in 2008. We’re talking about upgrades like flooring, air conditioning, lighting etc.

What the City of Boulder apparently wants to do is to allow buyers who purchase a newly constructed Boulder real estate the opportunity to purchase some upgrades if they are typically considered items that would be more costly or structurally difficult to add after construction.

This applies to pre-purchase upgrades and the city seems to intend on the one hand to want to ensure that builders provide homes that are constructed as complete and livable homes and yet to keep buyer requested upgrades moderate.

According to the City of Boulder, Division of Housing…

Eligible pre-purchase upgrades are limited to:

Flooring: Hardwood, tile and carpet (only if carpet lifetime warranty is extended beyond the current division of Housing Livability Guideline requirements).

Cooling: Whole house fans, ceiling fans, non portable evaporative coolers or if evaporative coolers are not allowed by the HOA, central air conditioning.

Non eligible pre-purchase upgrades (upgrades that will not receive any credits at resale) may also be offered to buyers; they too have to be submitted for approval by the Division of Housing prior to marketing.

The Division of Housing goes on to say that

When the developer/builder of permanently affordable housing chooses to offer upgrades both eligible and non-eligible, the list of upgrades must be approved prior to marketing the units by the Division of Housing. The list must specify what upgrades are proposed and the cost of each.

I’m thinking that this may be why we’re seeing quality of condos in Northfield Commons
appear to be ‘entry level’. In a sense, I’ve done some research and answered my own question. Since the information I have is that all of the smaller units they refer to as “condos” are part of the Affordable Housing Program, this all makes more sense.

I know that the quality of product in the larger homes in Northfield Commons must be better but for whatever reason, each time I’ve been to the property, the only products they had for us to look at were Boulder condos. We were told to come back on the week-end to see Town-Homes, Row Houses etc. Kind of too bad, I’ve been hoping to see more of their higher end product also.

I know one thing that came as a surprise to some buyers at Northfield Commons, even the homes that stand as single family, detached structures are sold as condominium units according to Nora Ziel at Cherry Creek Mortgage. She assisted some buyers with the financing on a transaction recently in the project at Northfield Commons.

You can read the full New Construction Pre-Purchase Upgrades Policy document from the City of Boulder.

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