Housing authority approves working partnership with Overland | SteamboatToday.com

Housing authority approves working partnership with Overland

The proposed site of 72 new affordable apartments at U.S. Highway 40 and Pine Grove Road being pursued by the Yampa Valley Housing Authority and The Reserves developer Overland Property Group.
Overland map

STEAMBOAT SPRINGS — The Yampa Valley Housing Authority board has approved a working partnership with Overland Property Group on a development to offer more housing for low- to middle-income families by 2020.

Alpenglow Village would be adjacent to the Walgreens property off of U.S. Highway 40 and feature 72 one- to three-bedroom apartments.

Overland Property Group worked with YVHA on Reserves at Steamboat Springs, an affordable housing complex that opened last year on the west side of Steamboat. The success of that project helped encourage voters to approve a 10-year tax in November that will help fund affordable housing.

YVHA Executive Director Jason Peasley told the board at its monthly public meeting that the housing authority is waiting to hear from the Colorado Housing and Finance Authority on whether or not CHFA will provide $13.5 million in tax credits, which will be used along with the 5A tax revenue to help fund the Alpenglow private/public partnership.

“We can’t guarantee we’ll get them (tax credits), but we’ve put together a good plan,” Peasley told board members. “We’re hitting an enormous range of incomes with this project.

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Peasley said the housing would be for those at 30 percent of median income to 120 percent of median income.

“If we get those tax credits, it’s pedal to the metal for us,” Peasley added.

Peasely said with the support of the new affordable 5A tax, YVHA could have up to 10 affordable housing projects going into the pipeline in the next decade.

“Our intent is to build 600 units,” Peasley said.

In the meantime, one of those projects could be connected with Brynn Grey Partners, the developer who wants to build the West Steamboat Neighborhoods project. The YVHA board has approved a development partnership with Brynn Grey that could add 50 two-story housing units on a two-acre parcel that Brynn Grey is donating to  YVHA.

“The site will be delivered with utilities ready for the lots and roads constructed, so that it’s fairly simple to just go vertical on the site,” Peasley said.

The Brynn Grey deal is dependant on the developer reaching an annexation agreement with the city of Steamboat Springs.

If annexation approval goes forward, the first part of the development would be the Gateway Neighborhood where 80 percent of the homes would be deed restricted for locals.

“It would be a very slow and deliberate build-out over many years,” Brynn Grey’s managing partner Melissa Sherburne said.

Currently, the Brynn Grey development of West Steamboat Neighborhoods promises 35 percent of all housing would be deed restricted with no short-term rentals allowed.

Brynn Grey’s next meeting with Steamboat Springs City Council is Aug. 21.

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