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Housing authority’s affordable apartment project goes before Steamboat Planning Commission

The Yampa Valley Housing Authority and its development partner, Overland Property Group, have been awarded a $400,000 grant from the Colorado State Housing Board in support of its proposed 48-unit income restricted affordable apartment development, the Reserves.
Courtesy photo

If you go:

What: City of Steamboat Springs Planning Commission considers a development permit for the Reserves, an income-restricted, affordable apartment project on Elk River Road.

When: 5 p.m., Dec. 17

Where: Citizen’s Meeting Room, Centennial Hall, 124 10th St., Steamboat Springs

— The Yampa Valley Housing Authority and its development partner, Overland Property Group, have been awarded a $400,000 grant from the Colorado State Housing Board in support of its proposed 48-unit, income-restricted affordable apartment development. Called the Reserves, the project goes to Steamboat Springs Planning Commission Dec. 17 for a development permit.

Yampa Valley Housing Authority plans to construct two apartment buildings, plus a community building/office, on land it owns in the city limits on Routt County Road 129 near its intersection with U.S. Highway 40. The two and three-bedroom apartments at the Reserves would be available to households earning 40 to 60 percent of the area’s median income.

If you go:

What: City of Steamboat Springs Planning Commission considers a development permit for the Reserves, an income-restricted, affordable apartment project on Elk River Road.



When: 5 p.m., Dec. 17

Where: Citizen’s Meeting Room, Centennial Hall, 124 10th St., Steamboat Springs



YVHA Executive Director Jason Peasley said this week the grant was secured with the help of the Routt County Board of Commissioners’ and Steamboat Springs City Council’s commitment last spring to provide a 100-percent match with $400,000, derived partly from fees developers have paid over the years in lieu of building affordable units at their market-rate housing projects.

The majority of the development cost for the new apartments will come from $11 million in federal income tax credits awarded to the housing authority in July by the Colorado Housing Finance Authority. The tax credits are a marketable commodity that will allow YVHA to bring equity to its partnership with Overland, which will own the project while YVHA manages it.

City of Steamboat Springs Principal Planner Rebecca Bessey wrote in a memo this month that, although the site for the Reserves is within the commercial services zone district, it’s appropriate given the variety of mixed uses in the surrounding neighborhood.

“The subject site is immediately adjacent to commercial and industrial land uses,” Bessey observed. “However, the mixed use corridor and broader neighborhood also include single-family residential, mobile home residential, and multiple-family/industrial mixed use.”

She added the presence of more residents in the area could help support the existing businesses there.

Bessey will also tell Planning Commission next week that the two buildings in the apartment complex will be served by two new access drives onto C.R. 129 (Elk River Road), plus a new sidewalk along the full frontage of the lot. The Reserves will also have adequate parking for residents and guests.

Calculations for rental rates for households of different sizes change periodically to reflect changing median incomes. However, as of May 2015, monthly rent for the two-bedroom units would have ranged from $710 to $1,065.

To reach Tom Ross, call 970-871-4205, email tross@SteamboatToday.com or follow him on Twitter @ThomasSRoss1


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