The Yampa Valley Housing Authority held an open house for The Cottonwoods at Mid Valley‘s Building Two on Wednesday, inviting local officials and YVHA board members to tour the newly completed homes and celebrate the organization’s first for-sale affordable housing development in decades.

Among those in attendance were Steamboat Springs City Manager Tom Leeson, City Council President Steve Muntean, Routt County Commissioner and YVHA Board Member Angelica Salinas and outgoing YVHA Executive Director Jason Peasley. 

The project, which comprises 86 deed-restricted units across Buildings One and Two, provides a rare opportunity for the valley’s workforce to purchase homes at prices significantly below market.

Units range from the mid-$200,000s to the mid-$400,000s, in part thanks to $10 million in short-term rental tax revenue allocated to The Cottonwoods by the Steamboat Springs City Council.

The development is tailored for households earning up to 140% of the Area Median Income, with two down-payment assistance programs — one for up to 150% of AMI and another for up to 120% of AMI — each offering up to $20,000 in “silent” second loans that are only repaid after 15 years, or if the home is refinanced or sold.

According to YVHA staff, Building Two received its Temporary Certificate of Occupancy earlier this month, officially green-lighting move-ins, while Building One received their certificate on Friday. 

The Cottonwoods includes five floor plans: The Nest, a one-bedroom; The Perch, a two-bedroom; The Glade, a slightly larger two-bedroom; The Eyrie, a two-bedroom penthouse with a 90-degree balcony; and The Haven, a three-bedroom unit. 

At the open house, YVHA staff showed attendees four units — a three-bedroom, the two-bedroom penthouse, a two-bedroom condo and a one-bedroom, all with sweeping views of either Mt. Werner or Emerald Mountain depending on the unit’s orientation. 

Buyers Bill McCoy and Lauren Hughes attended the event and spoke to the newspaper about their excitement. McCoy, who bought a one-bedroom Nest unit, said he could “do a cartwheel right now.” 

“Honestly, it’s surreal…that I’m going to be a homeowner in Steamboat Springs,” said McCoy, a longtime local who works for a vacation rental company and manages approximately 40 Airbnbs. “I never thought it was going to be possible.” 

Asked to pick one thing about his unit he’s most excited about, McCoy referred to the “turnkey” value of having all new appliances. 

“To be centrally located, next to the Core Trail and the grocery store, it’s really ideal for me, someone that loves to recreate and doesn’t drive,” he said, underscoring The Cottonwoods’ walkable access to local essentials and public transit. 

McCoy expects to move into his new home in late April or early May. 

Hughes, the development director at local nonprofit Better Tomorrow who has lived in Steamboat Springs for six years, currently lives in YVHA’s Alpenglow Village. She said she was selected for the Building Two lottery three times, ultimately settling on a two-bedroom Glade unit facing Emerald Mountain. 

“I’m in a spot where I technically don’t qualify for Alpenglow anymore because I make too much, so that’s when I started to get serious about The Cottonwoods,” explained Hughes, who said her ability to live in an affordable housing complex allowed her to save money to now put a down-payment on a home. 

“Now, I can move in here and someone else who needs my affordable unit can move in behind me,” she said. “It really shows…when you give people a tiny stepping stone, how they can take it further.” 

With the purchase of her first home, Hughes said she feels that her future is now open to more possibilities — including potentially finding a partner and starting a family. 

“This is what it’s all about,” said Peasley, who has spearheaded The Cottonwoods project since its inception several years ago. He noted that this milestone is especially emotional given that many of the lottery winners are community members that YVHA has worked with “for years” and have finally found a place to land. 

Housing authority staff said a more formal event to celebrate The Cottonwonods will be scheduled later this month or next.