Sweet Spot WELCOME TO THE
CHANCES ARE, YOU ALREADY KNOW A LITTLE ABOUT CENTRAL PARK DENVER. THE BIG PARKS. THE TOP-NOTCH SCHOOLS. THE NEIGHBORHOOD FESTIVALS. THE FUN PLACES TO EAT AND SHOP. BUT WHAT YOU MAY NOT KNOW IS THAT THE COMMUNITY OFFERS A PATH TO HOME OWNERSHIP FOR PEOPLE WITH MODERATE INCOMES. IT’S A GREAT OPPORTUNITY TO PUT DOWN ROOTS IN A VERY SPECIAL PLACE. WELCOME TO THE AFFORDABLE HOMES IN CENTRAL PARK. 2
What kind of homes are we talking about? These are well-designed homes. Carefully crafted. Super energy-efficient. Surrounded by all the good stuff that the community is known for. And specially priced for people with moderate incomes.
Does an affordable home fit your life? Maybe you’re retired and on a fixed income. Or you work in the highly important (but not highly compensated) fields of community or customer service. Or maybe you’re simply tired of watching your rent payment go up year after year. If any of these sound like you, keep reading.
How do you qualify for an affordable home? As with other homes, you’ll need to finance your affordable home with a mortgage. And to be eligible for the Affordable Housing Program, you must meet certain requirements. 1
Maximum household income* † Affordable homes are also called income-restricted homes because they are for individuals or families whose gross (before-tax) annual income is at or below the figures below:
* These maximum income figures are subject to change based on U.S. Department of Housing & Urban Development annual updates. (6/22) † Maximum income limits for purchasing only.
Primary residence Your affordable home must be your primary residence, where you live full-time.
You must meet your mortgage lender’s requirements for income, debt and credit. Depending on your lender and the kind of mortgage you have, you may also have to supply a down payment and closing costs. 4
Affordable homes at Central Park are provided through a partnership with the City & County of Denver. The City of Denver also wants to ensure that homes are affordable to buyers. The standard for “affordable” is that a household does not pay more than about a third of their income on a housing payment. Denver requires that affordable homebuyers spend no more than 35% of their total household income on a mortgage payment and HOA dues. This may be different than what your mortgage lender is able to approve, so it is important to understand the housing payment to income requirements of both the City of Denver and your mortgage lender. Another area of difference, is that the City of Denver’s affordable housing requirements take into account the total income of all household members who will be living in the home, while your mortgage lender takes into account the income of those responsible for the mortgage. As a result, the income that the City of Denver uses to verify eligibility may be different than that used by your mortgage lender. The key to a successful affordable home purchase is to understand these differences and make sure that you provide the requested documentation for each type of application. 4
Just to be clear The thing about affordable homes is that they stay affordable for you and anyone who buys your home. When you buy an income-restricted home in Denver’s 80238, you agree to a cap on appreciation of no more than 3.5%* annually, which helps maintain the home’s affordability for the next family who lives there.
*T he 3.5% annual appreciation cap lasts for a period of 15 years following the home’s initial sale, after which the home may be sold at market value. The first time the home is sold after the appreciation cap expires, the City of Denver has the option either to purchase the home at the maximum sales price or to let the home be sold on the open market and receive any proceeds that exceed the maximum sale price.
How to Get Started SEE IF YOU’RE READY At Denver80238.com/Affordable you’ll find online resources and tools that will help you figure out if an affordable home is a good fit.
2 LEARN MORE ABOUT THE HOMES Explore the community Attend an outdoor event. Have a picnic in the park. Chat with a Community Ambassador at Denver80238.com Get to know the 12 neighborhoods!
You'll find a little info about our currently available home choices on the back of this brochure. But be sure to visit Denver80238.com to see pictures, dig into the details … and get excited.
3 HELP ALONG THE PATH The homebuilders are here to assist you. They can connect you with lenders, housing counselors and other resources.
Have kids? Visit dpsk12.org to learn more about the community’s neighborhood schools.
4 LEAN ON YOUR LENDER Lenders who specialize in affordable homes not only can help you with your mortgage, they may be able to help with your down payment and closing costs.
Affordable rentals are another path 5
SAY HELLO TO YOUR NEW HOME
If purchasing an affordable, income-restricted home isn’t the best fit for you, the community also offers affordable apartments for rent. See the back of this brochure and learn more at: Denver80238.com/Affordable-Rentals
Setting an Example Homes that are worth the wait It takes time to build a house. To give it personality. To make it a home. And affordable housing is no exception. Creating these homes is a collaborative —and sometimes complicated— effort of many people and companies. From the City and County of Denver, to Brookfield Properties Development, to home builders and more, it takes the contributions of many entities to help affordable housing come to life. But Central Park is more committed than ever to adding affordable housing options that make our neighborhoods even stronger and more diverse. Refer to pages 10-11 to view maps of what’s planned and what’s built.
In Denver’s 80238, it’s not just about building affordable homes—it’s about integrating those homes into the fabric of the community. It’s why we thoughtfully place them near the dynamic hubs of the community, close to conveniences like retail, dining and public transportation. And why you’ll find retired teachers living next to lawyers living next to soldiers, embodying the very definition of community. We’re doing it right, and people are noticing. Today, the national housing policy is mirroring Central Park Denver’s—with more diverse affordable housing opportunities being created and situated throughout entire communities.
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Northfield High School
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Martin Luther King Jr. Boulevard
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Central Park Station
The Shops at Northfield
Central Park Boulevard
East 29th Ave. Town Center
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Dick’s Sporting Goods Park
Existing Affordable Owner-occupied F
Existing Affordable for Rent E
Existing Mixed Income Owner-occupied D
Future Affordable for Sale B
Map not to scale and provided for illustrative purposes only, based upon current development concepts, which are subject to change without notice. No guarantee is made that the features depicted will be built, or, if built, will be as depicted. 06/01/22
Future Affordable for Rent
Future K-8 School
Rocky Mountain Arsenal National Wildlife Refuge
Affordable For - Sale and For - Rent homes in Central Park
Here, there, and everywhere
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Central Park Boulevard
Own your home. And your future. An affordable home gives you a greater level of financial control and stability. (Not to mention a beautiful new home, of course.)
The benefits of owning an affordable home.
Save money. Every affordable home in Central Park is built to the Energy Star 3.0 standard for energy efficiency. This can save hundreds or even thousands of dollars every year compared to a typical home. Keep what’s yours. Unlike a rent payment, your monthly mortgage payment lets you begin to build equity in your home. And every improvement (like that cool flower box you built for the window) belongs to you, not your landlord.
When it’s time to sell Find a Realtor who specializes in affordable, incomerestricted homes. Not only will this Realtor be an expert in selling your home, he or she may already have a list of buyers looking for a home just like yours.
21 excellent schools
62 miles of bike & walking trails 100+ community events every year
In Central Park, IT DOESN’T MATTER HOW OLD YOU ARE. IF YOU HAVE NINE KIDS OR NO KIDS. ARE A DOG PERSON, CAT PERSON OR NO - PET PERSON. YOU WILL FIT IN HERE. BECAUSE THE COMMUNITY IS INCLUSIVE BY DESIGN.
100+ stores and shops
60+ parks + one for skateboards
Going Places #LoveThyNeighborhood
• In Central Park, you’re just 15 minutes from downtown and 20 minutes from DIA • Commuter rail makes it even faster and easier to get where you need to be • The community is a major hub for the Denver bus system
Denver80238.com info@Denver80238.com 303.382.1800 7351 East 29th Avenue Denver, CO 80238
Information and photos are for illustrative purposes and are subject to change without notice at the discretion of Brookfield Properties Development. Brookfield Properties Development makes no promises or representation concerning future development. © 2020 Brookfield Properties Development.
Affordable Rentals at Central Park
Bluff Lake Apartments
Central Park Apartments
2 -3 bedrooms
Kappa Tower II Senior Community
Clyburn at Central Park Senior Community
Moline @ Central Park Apartments
1 & 2 bedrooms
Parkside Apartments 1-3 bedrooms 303.355.5444
1-3 bedrooms 303.477.4394 303.399.9337