Press Release: YVHA Receives $4 Million DOLA Grant for Its Mid Valley Project
STEAMBOAT SPRINGS, CO – As part of the Yampa Valley Housing Authority’s (YVHA) effort to quickly build local workforce housing, the Colorado Department of Local Affairs, Division of Housing awarded YVHA a $4,000,000 grant through the state legislative bill, HB22-1304 Transformational Affordable Housing, Homeownership, and Workforce Housing Grant Program for its Mid Valley project.
“This grant helps us deliver the rarest of housing in Steamboat: affordable for-sale product,” said Jason Peasley, Executive Director of YVHA. “We are thankful to the Department of Local Affairs for this significant financial grant of four million dollars. The grant will provide gap funding for site improvements and construction costs for the homeownership component of this project.”
The Mid Valley housing project will consist of 234 total units, 84 of which will be condominiums for sale. The other 150 units will be apartments for rent. All units will be deed-restricted and will target members of the local Routt County workforce or retired from local employment. Site work is planned for fall 2023 or spring 2024, and vertical construction should begin in early summer 2024.
This project is considered attainable and households earning 80%-140% of Area Median Income are eligible. This translates to $61,926 -$95,977 for a single person according to the 2022 federal Department of Housing and Urban Development standards and $79,544 – 123,282 for a three-person household income. This “missing middle” category has been the hardest hit by the drastic appreciation in rental rates and sale prices in Routt County, and this housing product is the most difficult to finance. The project will increase new for-sale housing stock, for which there is significant demand among the local workforce. The units will be priced well below current market rates in Steamboat Springs and geared toward first-time home buyers.
YVHA is partnering with Lone Tree Trust, LLC as the developer for this project. The project will be a dense, efficient use of infill land near transit and services. Two of the four buildings will contain condominium units, with a mix of 1-, 2-, and 3- bedroom units, and covered, ground floor podium parking. The project will include two neighborhood parks, open space, and trails connecting to the Yampa River Core Trail.
See here for more information from the State grant program. and the State Housing Board packet.
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