Building Community: Yampa Valley Housing Authority made a good deal for the community
For Steamboat Pilot & Today
With the lease-up of Alpenglow Village well underway and tenants anticipated to move in this summer, the Yampa Valley Housing Authority board is proud to share an overview of the financial mechanisms that made this project possible.
In 2017, Steamboat Springs voters approved Referendum 5A, a one-mill property levy that provides the Yampa Valley Housing Authority with a dedicated funding source to spur the development of permanently attainable housing for low- to moderate-income residents. Two and a half years following the approval of the referendum, the Housing Authority has effectively utilized $525,000 from the 5A funds to deliver a $23.8 million, 72-unit development. This 450% return on investment was achieved through a public-private partnership with developer Overland Property Group and a significant in-kind contribution of Housing Authority staff time and expertise to move the project from concept to reality.
The Housing Authority and Overland primarily financed Alpenglow Village through federal tax credit equity, by way of Low Income Housing Tax Credits. This 9% transferable tax credit is distributed by the state through a highly competitive application process.
The commitment of our local 5A tax dollars demonstrated our community’s buy-in and made Alpenglow Village a front-runner in the award of the tax credit. Upon completion of the project, the private developer will sell the credits to investors to recoup over $13 million of upfront capital expense. The bottom line is: for every dollar the community contributed to Alpenglow Village, we received $25 in state, federal and private resources, making 5A a very good deal for the community.
Alpenglow Village will provide safe, affordable housing for 72 local families and individuals. It will help retain our talented local workforce, our young professionals and our middle class, while preserving community character, so that the people who work in and serve the Steamboat area are also able to live here.
The Yampa Valley Housing Authority is on track to deliver 600 attainable housing units over the next 10 years by carefully leveraging your 5A funds. In addition to Alpenglow Village, the Housing Authority has multiple projects in the development pipeline to meet this ambitious goal.
We remain committed to transparency, careful stewardship of tax dollars and fulfilling the agency’s mission to support the local economy, community and businesses of the Yampa Valley by implementing appropriate housing solutions for local workers, qualified residents and their families.
Emily Katzman serves on the Yampa Valley Housing Authority Board as a member of the finance team. Other members of the finance team also contributed to this new “Building Community” column, which will run quarterly in the Steamboat Pilot & Today.
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