STEAMBOAT SPRINGS, CO – In a special board meeting today, the Yampa Valley Housing Authority (YVHA) Board voted to enter a Memorandum of Understanding with The Michaels Organization. The MOU sets the stage for The Michaels Organization to be YVHA’s Community Development Partner for the Brown Ranch and is a document that outlines the key terms of a future agreement between the two groups. The Michaels Organization is the nation’s largest privately-held owner of affordable housing with 50 years of experience working in over 39 states and with $11 billion of assets under management. This partnership will expand YVHA’s capabilities to build an affordable housing neighborhood for the Routt County workforce.
“We are excited to bring on such a respected, talented and experienced community development partner to the Brown Ranch project. With our current housing crisis in Steamboat Springs, we know we need to build affordable and attainable housing to rent and to buy for our teachers, nurses, law enforcement, restaurant workers and all the workers that build the foundation for our thriving economy. Having a respected community development partner like The Michaels Organization allows us to move effectively and efficiently to achieve our vision: The Brown Ranch residents will live and connect in a vibrant, resilient, diverse, and welcoming neighborhood that provides a wide variety of housing options and services designed by and for the Yampa Valley community,” said Leah Wood, YVHA Board President.
“The Michaels Organization is extremely excited to come to Steamboat Springs and partner with the YVHA, a forward-thinking Housing Authority, and jointly work toward the implementation of their vision for Brown Ranch,” said Bruce Morgan, Michaels’ Senior Vice President of Development. “Together, we will ensure that this vision of a community which provides housing opportunities for a diverse, vibrant and functional workforce albeit if you are a nurse, a lift attendant, a teacher or a police officer, you will have attainable high quality housing options available to you within the community where you live, work and play. In essence, an inclusive Steamboat Springs community for everyone.”
YVHA has a track record of building affordable housing projects in Steamboat Springs with community development partners at Sunlight Crossing, Alpenglow Village and at the current construction at Angler’s Way. The Brown Ranch is the largest affordable housing development that YVHA will undertake which will include four neighborhoods and up to 2264 homes constructed over a period of 20 years. The first two neighborhoods will have 730 to 840 homes for rent or sale. In their recommendations last year, The Urban Land Institute suggested YVHA increase its capacity by hiring an experienced community development partner who has worked on large scale neighborhoods. The Michaels Organization has been building communities for more than five decades. They offer integrated capabilities in development, management, construction and investment. They are committed to crafting housing solutions that enhance communities and uplift lives.
The Brown Ranch development is dependent on the annexation agreement with the City of Steamboat Springs, which would provide municipal services to the new neighborhood. The Brown Ranch Annexation Committee is still negotiating the agreement and has two more meetings scheduled on July 12th and July 26th.