City of Grand Junction exploring ‘land bank’ practice to tackle affordable housing
The city is exploring a new strategy for tackling the affordable housing issue gripping Colorado.
Published: Mar. 14, 2023 at 2:07 PM MDT
GRAND JUNCTION, Colo. (KKCO) - The City of Grand Junction is expected to start moving towards approving a land banking program as a housing cost-cutting measure.
The city says that the idea is to use taxpayer money to help developers buy property as a way to help reduce construction costs overall.
Analysts say that the less it costs to build a home, the more affordable it becomes.
City staff say that they are already working on identifying possible projects. A special committee overseeing COVID relief money recommended spending over $3.8 million of unused federal funds.
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