$16M Affordable Housing Coming to Ski Town USA
- May 10, 2016
Steamboat Springs, Colo.—Overland Property Group LLC and the Yampa Valley Housing Authority are developing The Reserves at Steamboat Springs, a $16 million affordable housing development consisting of 48 new apartments for low-income families, in Steamboat Springs, Colo.
The development was made possible partially thanks to a $12.8 million Low-Income Housing Tax Credit investment syndicated by Enterprise Community Investment Inc.
“The Reserves at Steamboat Springs will provide residents with new, quality affordable homes connected to transportation in a high-cost resort area that is close to downtown shops and services,” Raoul Moore, Enterprise’s SVP of syndication, told MHN. “It is part of our work to create opportunity for people through affordable housing connected to good schools, jobs, transit and health care. It is all in support of our generational goal to end housing insecurity—the day when nobody is homeless or paying 50 percent or more of their income on housing.”
Located roughly 160 miles northwest of Denver, the development will consist of two buildings offering two- and three-bedroom apartments reserved for families making less than 60 percent of the area median income, or $47,280 for a family of four. Rents will range from $615 to $1,107 per month.
“The shortage of affordable rental housing in the area is due to a number of factors: an increase in numbers of renting residents, some of whom lost their homes during the recession; a declining supply of long-term rentals from increasing numbers of people renting their properties out via websites for short amounts of time; and rising rents in a rebounding economy, among other reasons,” Moore said.
Amenities include a community room, fitness center, computer room, basketball court and a patio with a fire pit.
The Reserves at Steamboat Springs will offer residents easy access to grocery stores, schools, medical facilities and recreation areas. A free bus service operated by the city stops less than .25 miles from the site every 20 minutes, making transportation convenient and cost-effective.
According to recently released analysis from Make Room, more than 370,000 working adults in Colorado pay more than 30 percent of their income in rent and utilities. The data also found that Colorado’s working population has grown 10 percent since 2005, but the number of working adults with this type of rent burden has grown 27 percent in the same period.
Construction of the two new buildings is expected to be completed in April 2017.