Developers of The Peloton in Boulder paid the city $4 million in lieu of developing about half the affordable housing required for the project.
It’s the largest cash-in-lieu of providing affordable housing payment to the city’s Affordable Housing Fund, said John Pollak, co-director of Boulder’s Department of Housing and Human Services.
The 385-unit Peloton project includes 38 affordable residences priced as low as $88,000. But under Boulder’s inclusionary-housing ordinance, 20 percent of a project – 77 units in the Peloton’s case – must be permanently affordable or the developer must make a cash payment to the city.
“We try to build communities within the range of working families,” said Henry Cisneros, left, executive chairman of CityView, a national housing investor that partnered with Bancroft Capital on the project. Cisneros is former secretary of the U.S. Department of Housing and Urban Development.
The $4 million payment will go into the city’s Affordable Housing Fund, which awards up to $5 million annually to developers who wish to build affordable housing.
