City Council, county commissioners back affordable housing project in west Steamboat
Steamboat Springs — The Steamboat Springs City Council and the Routt County Board of County Commissioners have made a significant financial commitment to an affordable housing project being planned in west Steamboat.
The elected officials Tuesday night pledged $400,000 from a community housing fund to support the 48-unit project that would be built near the intersection of Elk River Road and U.S. Highway 40 on land that is owned by the Yampa Valley Housing Authority.
The Housing Authority is working with development partner Overland Property Group to build the two and three-bedroom apartments. They are pursuing low-income housing tax credits to fund most of the $14 million project.
If the tax credits are secured, Overland would build and own the apartments, while the Housing Authority would have a very small stake in the buildings and a long-term contract to manage the property.
The funds pledged to the project from the city and the county come from donations the governments made years ago to support affordable housing in west Steamboat and from fees developers have paid over the years in lieu of building affordable units as part of their projects.
A majority of the $400,000 pledged to the new project will come from those fees that the city has collected from developers in lieu of affordable units.
The council and the commissioners see the housing project in west Steamboat as an ideal use for the community housing dollars.
Their financial contribution would go toward the construction of the development if the tax credits are secured.
Housing Authority Executive Director Jason Peasley said the financial pledge from the city and the county makes the application for the low-income tax credits more competitive.
“We’re entering into a highly competitive application round, and every little bit helps,” Peasley said. “Having the city and county support (this project) and put their money where their mouth is is huge when you’re in that competitive process.”
Leaders of the Steamboat Springs Chamber Resort Association, LIFT-UP of Routt County and Integrated Community spoke in favor of the housing development Tuesday.
They predicted the affordable units would fill up “very quickly.”
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