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People working in the Roaring Fork Valley could soon have a new opportunity to buy a condo at a more affordable rate in Glenwood Springs.
Local nonprofit Habitat for Humanity of the Roaring Fork Valley (Habitat RFV) has plans to turn an already existing apartment building near the Glenwood Meadows shopping area into deed-restricted condos.
The organization is under contract and expects to close on the sale of the 2-year-old L3 at Green Leaf Lofts apartment building, 253 Wulfsohn Road, later this month. The contract sale price has not been publicly disclosed.
Local governments, school districts and other employers are contributing funds to the effort to buy the building from owner and developer Stoneleigh Companies in exchange for priority reservations that would give those entities some control over who gets to purchase the reserved unit.
The building has 88 free-market rental apartments with listed monthly rental prices starting at $1,896 for a studio and $2,450 for a one-bedroom unit, but the nonprofit plans to convert the apartments into deed-restricted ownership condos once the current leases are up.
Although Habitat RFV President Gail Schwartz believes affordable rentals are also important, there’s a noticeable lack of opportunities to buy a home in the valley.
“When you have a family or an individual in an ownership position of their home, that stabilizes that family and has financial benefits, benefits to the children, the mental health and academic benefits,” Schwartz said. “We believe ownership is the way people will stay in communities.”
On Monday, Habitat sent a letter to the building’s current property manager to notify tenants of the upcoming changes and the opportunity to buy a unit.
“Habitat RFV is committed to supporting current residents upon the conversion and working with qualified residents and employees to purchase units in the L3 conversion or relocate to comparable housing,” the letter says. “As housing stability remains a top priority for Habitat RFV, we will do our best to help residents pursue alternate accommodations in several surrounding properties, if so desired.”
Once the building is purchased and the conversion process is completed, buyers, including current tenants, must meet certain income and other qualifications, with preference going to people working in Garfield, Pitkin and Eagle counties.
“We want people to live and work in their communities,” Schwartz said. “People working in our resort communities are commuting as far as Fruita, and so let's help people inch their way closer.”
The city of Glenwood Springs is contributing $3 million toward Habitat’s L3 condominium conversion project, half in the form of a $1.5 million grant and the other half as a loan. The city’s funding is coming from a lodging-tax increase local voters approved in 2022 to support affordable housing.
In exchange, at least 15 people who work in the city will have the chance to buy a deed-restricted unit at a subsidized rate.
According to Habitat, only six free market units were sold in Glenwood Springs under $500,000 last year.
The nonprofit’s proposed unit prices for anyone at 70% to 150% of the area median household income (AMI) in Garfield County, which is $82,772, will range from $320,000 for a studio (454 square feet) to $388,000 for a one-bedroom unit (722 square feet). Some of the units will be priced higher for those earning more than 150% of AMI but are still working locally. Proposed monthly mortgage payments and HOA fees will not exceed 30% of an owner’s income.
Glenwood Springs Mayor Ingrid Wussow acknowledged that this project won’t solve the housing problem, but it’s one example of the creative efforts that are needed in a city and community that has seen some of the nation’s greatest home-value growth in the past 20 years.
“More and more of our community members cannot afford to stay here for the wages that they receive,” Wussow said. “And for those who are coming in to fill absolutely essential positions at the hospital, in our school district, in food service and even at the grocery stores, it’s a hard ratio of what you’re making and what the cost is to live here.”
Pitkin County commissioners on Oct. 3 voted unanimously to join Glenwood Springs and other local partners contributing to the project, including Garfield County, the town of Snowmass Village, the Roaring Fork Fire Protection District, the Roaring Fork School District, Garfield County Libraries and Rocky Mountain Pizza in Glenwood Springs. In total, $5.6 million has been raised from these partners and Habitat remains in discussions with other potential contributors, including the city of Aspen.
In exchange for a $450,000 grant from county funds set aside for housing initiatives, Pitkin County employees will get priority to buy three of the deed-restricted units.
Pitkin County Sheriff Michael Buglione is hopeful that local deputies and emergency responders can benefit from the purchase.
“I have deputies who live as far as Rifle and when we get that big call, that's a two-hour-plus response time,” Buglione said. “So, this is a great start for those who want to move closer to work and be part of the Pitkin County community.”
Buglione added that he is also working to secure housing for his deputies in existing residential buildings on land owned by Pitkin County Open Space and Trails along Highway 133 in the Crystal River Valley.
“It would be my dream if I can get a couple of units in the Aspen, Snowmass, Basalt areas and rural Pitkin County,” he said. “You know, it goes back to the fundamentals of community policing, that the police are part of the community and get to know their community.”
Schwartz agreed that the ultimate goal is to help people live where they work, and her nonprofit is working on a range of projects throughout the region, including a proposed modular housing production and training facility in Rifle, that she hopes will move the needle.
Based on Habitat’s own recent feasibility study for its modular home manufacturing facility and two studies conducted in 2019 and 2022 by the West Mountain Regional Housing Coalition, the nonprofit estimates that there’s a current deficit of about 6,000 homes for people already working in Pitkin, Garfield and Eagle counties.
“We're not talking about bringing anyone new into our communities when we say we need 6,000 homes to give people an affordable place to live that's near the community they work in,” Schwartz said. “This is not a growth driver, this is a humanitarian issue where people are traveling up to five hours a day, living several families in a mobile home with high rents or high lot prices.”
With housing challenges and worker shortages across the country, Schwartz recognizes there’s a national issue that needs to be addressed at every level, and she’s hopeful that collaborative partnerships such as the one among local employers, governments, real estate agents, developers and nonprofits in the L3 project will be key.
“It is incumbent upon all of us to take responsibility because what makes a community a community is a health care system, a school system, it’s services, it's a vibrant main street,” she said. “But none of that can be a reality without stable employees.”
This story was produced through a social justice reporting collaboration between Aspen Journalism and Aspen Public Radio.