Google, Boulder, Affordable Housing

googlePoolTableGoogle, while moving forward with its new Boulder, Colorado project has put its money where its mouth is with regard to affordable housing.

With many people getting anxious or excited, depending on which camp you’re in, about Google increasing its presence in Boulder, many should be glad to know that Google is doing its part to help the local community increase the number of affordable housing units in town and around the area.

Call, text, or email me today!… I’d seriously enjoy having the opportunity to talk to you about your plans if you’re moving, or if you know someone who is considering a move, and needs some straight answers.

cyclist on roadGoogle came in like a bank and has agreed to assist Element Properties back in the summer of 2014 to help fund a project team to the tune of over $30 million for a mortgage and short-term construction loan.

A state housing agency stepped in, and add to it some federal tax credits plus over $10 million in cash from the city and the result: almost 250 apartments spread over three properties are being rehabilitated and secured as permanently affordable housing.

Pretty clever move for the tech giant Google.

One of the projects is the Nest Apartments at 30th and Eagle Way, which is just a few blocks directly north of the new Google campus on the corner of 30th and Pearl Street.

Overall, the plan includes a plan for qualified renters to get an opportunity to rent one or two bedroom apartments which will cost a max of about $900/month to about $1100/month. (It’s common to see homes in Boulder renting for as much as about $2000/month for a 1-bedroom, and over $3000/month for a 2-bedroom.

To qualify prospective renters would earn up to a max of just over $44k per year for a 1.5 person household (I’m not sure how you get that half person..), for a one-bedroom unit. For a three-person household, renting a two-bedroom apartment a max household income of about $53,000 per year gets you in the door.

I think it’s great to see Google assisting with housing. Ultimately it serves both the community and Google itself, so it’s clearly a win/win.

Zachary Epps, GRI®, ABR®, MCNE®, REALTOR®, Eco-Broker®, full-time RE/MAX professional, RE/MAX Hall of Fame, RE/MAX Platinum Club…and author of

The Boulder Real Estate and Neighborhood Guide 

The Boulder Condo Guide 

The Home Buyer’s Handbook

Call, text, or email me today!… I’d seriously enjoy having the opportunity to talk to you about your plans if you’re moving, or if you know someone who is considering a move, and needs some straight answers.

Comments

Got something to say?