Industry News
Brains
The Town of Frisco, Colorado, is partnering with the National Housing Partnership Foundation (NHPF) on two significant affordable housing projects at 602 Galena Street and 101 West Main Street. These developments are designed to address the severe shortage of housing for essential workers and low and middle-income families in the notoriously expensive area.
The second development will be located at 101 West Main Street: This project aims to redevelop an underutilized property into 100% workforce housing units, coupled with new commercial space. The goal is to provide permanently deed-restricted rental housing for the local workforce, with units affordable for households earning between 30-100% of the AMI.
The Town of Frisco is providing a long-term ground lease for 602 Galena Street and a loan to NHPF for the acquisition of 101 West Main Street. NHPF is pursuing funding through the Colorado Housing and Finance Authority (CHFA), including federal low-income housing tax credits (LIHTC) and Colorado state housing tax credits. The State of Colorado is a invaluable partner, with the Department of Local Affairs (DOLA) awarding grants through the More Housing Now program and Strong Communities program to fund infrastructure related to the projects. Most of the financing for Galena Apartments comes from $18.6 million in 501c(3) bonds issued by the Colorado Middle-Income Housing Authority (MIHA). The Town of Frisco and NHPF are working towards developing over 100 affordable housing units through these projects, demonstrating a significant commitment to addressing the housing needs of Frisco’s workforce and residents.
Efforts to create affordable housing options for locals have also been under way in other areas of Colorado. A new $60 million workforce housing project called Conifer Commons is nearing completion in Winter Park, Colorado. This project, one of the largest of its kind in the state, will provide housing for more than 300 employees of Winter Park Resort. The complex utilizes 192 modular units and features studio and one-bedroom apartments, with rents significantly lower than local condo prices. While the struggle for affordable housing in mountain communities continues to be an issue, projects such as the aforementioned show promise in the ongoing efforts to address and handle the issue.
