Boulder offers San Lazaro $1.3M forgivable loan; county approves conditional $11.2M letter of intent

The City of Boulder, Colorado, offered residents of the San Lazaro mobile home park a $1.3 million forgivable loan to help them buy the park, according to a city release. The city says the loan is funded from the Affordable and Attainable Housing Tax, which the county collects, and would be forgiven if the park is annexed into Boulder.

San Lazaro sits outside the city limits, and the city says that restricts the support it can give because much of its funding must be spent inside the city. The release estimates the cost of annexing the park at $8 million to $10 million and says it could take a year or more. The city says it is seeking grants and loans to offset that cost, and that annexation would bring reliable water and sewer service.

On September 29, Boulder County’s commissioners approved a letter of intent for $11.2 million to help residents buy the park after the owner put it up for sale. The park is home to over 800 residents, Commissioner Marta Loachamin said in the county’s release. The county says the money is conditional on residents raising the remaining funds, and that Colorado law entitles residents to buy at the price offered to the seller.