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Forest City Stapleton Unveils 1,600-Unit Affordable Housing Plan

DENVER-It's time to move on an affordable housing plan, says Forest City Stapleton. Its project at the former airport promises to deliver more affordable units than any other developer.

By John Rebchook | Updated on January 17, 2001

DENVER-Forest City Stapleton Inc. is breaking ground with a plan for affordable housing at the former Stapleton International Airport. The program will include 800 multifamily units, 20% of the 4,000 apartment units to be built at the 4,700-acre former airport, which has been described as the largest infill development project in the nation. Greg Vilkin, president of Forest City Stapleton, says the company will provide more affordable units in the development than anyone else, including Cleveland-based Forest City Enterprises, one of the largest urban developers in the country.

In addition to the 800 apartments, 10% of the 8,000 homes will be affordable, for a total of 1,600 affordable units in the $3-billion Stapleton project. Of the rental units, 20% will be targeted to households earning less than 60% of the area’s median income. Twenty five percent or 200 of those units will be dedicated to households earning from zero to 50% of the AMI. Section 8 vouchers will be accepted.

Forest City also will contribute, at no cost, four, two-acre sites to non-profit groups to develop affordable housing. The firm will have vested zoning rights for 15 years, with a minimum take down of 1,000 acres every year. It will begin buying the land in March, spokesman Tom Gleason tells GlobeSt.com.

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