Yampa Valley Housing Authority breaks ground on Alpenglow Village, its latest affordable housing complex
STEAMBOAT SPRINGS — The Yampa Valley Housing Authority broke ground last week on its newest development, Alpenglow Village.
The complex on Pine Grove Road, just north of Walgreens, will include three buildings containing 72 apartments for low- to middle-income Routt County residents.
Of those, 48 units will serve households earning 30% to 60% of Routt County’s area median income, and 24 will serve those making 61% to 120% of area median income.
Area median income for a single-person household is $60,700. Area median income for a household of four is $86,700.
The Housing Authority’s most recent project, the Reserves at Steamboat, features two- and three-bedroom units and targets residents earning 40% to 60% of area median income. Alpenglow Village targets a broader income bracket with single-, two- and three-bedroom units.
“We’re able to cater to a lot wider range of people in this community,” said Matt Gillam, vice president and partner at Overland Property Group.
Overland is developing Alpenglow Village and worked with the Housing Authority to build the Reserves.
Right now, much of the construction is earthwork. The complex is slated for vertical construction in July. By the fall, Gillam hopes to have at least two of the apartment buildings weather-proofed, so crews can continue working on the interior as the snow hits. The clubhouse will go up in summer 2020.
“It’s a priority for us to get occupancy of the units before the clubhouse,” said Gillam. While Gillam said the clubhouse is an important part of the community, he added that “what we’re trying to do is provide affordable housing, so our focus is on getting those units available for occupancy first and then the secondary (priority) is the clubhouse.”
Leasing at Alpenglow Village
Those interested in living at Alpenglow Village should stay tuned for an opportunity to apply in spring 2020.
Housing Authority Executive Director Jason Peasley said the organization hasn’t determined how units in the complex will be leased.
The Housing Authority plans to open applications for the project in spring 2020 and allow move in around late summer and fall 2020.
“We’re not really going to do a waitlist or anything like that,” Peasley said. “We’re going to have some moment in time where we start to heavily advertise when people can start applying for it. We’re not certain we’re going to do it the same way we did the Reserves, which was a first-come, first-served (approach), or if we’re going to do a lottery — we haven’t worked out those details yet. There’s no real opportunity for people to get in the queue now.”
Peasley said there are 245 households on the waitlist for units at the Reserves.
Funding the project
The construction of Alpenglow Village is partially funded by the sale of $13.5 million worth of low-income housing tax credits to Wells Fargo.
Both Peasley and Gillam said the Housing Authority, Overland and the investor haven’t closed on the sale of the credits. Neither could disclose the exact amount of equity they’ve received but said that amount neared $13.5 million.
“Based on where the pricing currently is, talking to a lot of people in the industry and investors, it’s pretty easy to say we’ve received the highest tax credit equity pricing in the mountains in Colorado,” Gillam said. “We’re easily one of the probably top three equity pricing in the whole state.”
He credited Overland, the Housing Authority’s track record with the Reserves and other projects in helping the project nab top dollar.
The total construction budget for Alpenglow Village is about $15.5 million — with about $13.5 million coming from tax credit equity, $525,000 from the Housing Authority and the rest taken on as debt by the property to be paid back by rent revenue.
What’s next for the Housing Authority?
Peasley has said the Housing Authority aims to build six to eight new housing projects in the time before the Housing Authority’s 1-mill property tax sunsets in 2027.
He said the Housing Authority would like to apply for tax credits to finance another project next year.
“Our goal is to set ourselves up for a project that would start in 2020, so we’ve got a couple projects that we’re working on that have an opportunity to fit that 2020 project start,” Peasley said.
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