Affordable Housing a Tough Sell in Stapleton

There's room for everyone in Stapleton, but after five years, developers are having trouble finding room for affordable housing.

A A A Comments (3) By Naomi Zeveloff Thursday, Nov 8 2007

...continued from page 5

Mark Manger

Nicoleta Nagel and her daughter live in Stapleton's Syracuse Village.

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For Nagel, Stapleton's appeal was more than her condo's proximity to million-dollar homes. When she was married and living in Aurora, her husband, high on cocaine, threw her out of the house in the middle of the night. Purchasing a home in Syracuse Village was a way to put down roots, she says. No spouse or landlord can tell her to leave; it's hers, no matter how difficult the payments may be. Later this year, Nagel will receive her U.S. citizenship, another step toward security.

"I think Americans have this obsession. They haven't yet bought their home, and they think of selling it already," she says. "I might be dead tomorrow. Maybe I'll become Princess of Monaco. I have this house, and I'm enjoying it. I know better than to make life plans."

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patricia calhoun 11/12/2007 7:25:00 PM

Thanks for the great comments Jeff: I'd like to publish your note; since you posted it here, I assume that's fine, but I'd like to include what town you live in with your name. And Mark, I've already written you; I'd like to print your comment, too, ideally with your last name as well as town.

Jeff Barrickman 11/12/2007 4:14:00 AM

Let�s revisit the obstacle of deed restrictions, as it is the sole reason I don�t live in Stapleton�s Affordable Housing myself. At the time, about three years ago, I met the income restrictions and feel I could have gotten financing, especially since I have since purchased a new home elsewhere. I was looking at the homes in Syracuse Village and liked what they had to offer. I could get a nice, two bedroom place with a one car garage for a good price. Yes, the interiors of the units were plain and there were no available options to make them more appealing, but the floor plans were good, the balconies well-places and spacious, and the location within Stapleton � right around the corner from the town center, was hard to beat. But, when purchasing a home, one has to consider the future, and in the case of affordable housing, that means taking a look at the deed restrictions. When selling one of these homes, the seller is limited to a maximum price based on a percentage increase between the purchase price of the home and the appraised open-market value of the home, as well as the number of years of ownership. Based on the information the salesman gave me about the market value of the home and the projected appreciation, I determined that the best time to sell would be after five years, at which time I would potentially be able to earn up to fifty percent of the equity I would have been able to earn had I purchased a home for the same price with no deed restrictions. That was the best case scenario. I could only sell to an affordable housing buyer. Under no circumstances could I rent the home out. I felt that my maximum selling price would be at the whim of an appraiser, who may devalue the home because of its affordable status. If it took four years to sell these units out when new, how long would it take once they were a few years old? What if the affordable housing program changed beyond recognition? What if the program made it impossible for income-qualified customers to qualify for the mortgages? In the end, the risk seemed too high, so I walked away. I�m sure I�m not the only one.

Mark M 11/10/2007 5:51:00 AM

As a Stapleton resident not living in affordable housing, I would like to say that we do not all share the same fears as Margot Vahrenwald when it comes to having more affordable options in our community. It is too bad that people still hold those unfortunate stereotypes against those whose circumstances led them to earn less money. I take offense with her portrayal of boombox toting, violent vandalizers potentially upsetting the "fabric of the neighborhood". Many of us in Stapleton welcome economic diversity and believe that it will make for a stronger community. One thing that attracted my wife and me to Stapleton was the promise of a more "urban" experience with more economic and racial diversity than other new developments on the fringes of the city. "A Tough Sell" highlights the problems in this plan well, and we hope that in the future there are more options for affordable housing and less fearmongers like Vahrenwald. P.S. Miss Vahrenald: I own a boombox and my wife and I make a bunch of money. Maybe we're neighbors. Ima play that isht loud next summer.