Basalt wants to sell a handful of its affordable housing units in Old Snowmass.
The town’s affordable housing program loses money; by selling the units in Old Snowmass, the town can work to pay off the debt it owes on a $1.7 million line of credit and get its program into the black to become self-sustaining.
The majority of the town’s affordable units are between Willits and Old Town Basalt. The units in Old Snowmass aren’t near a bus stop and the town has to pay considerably more for maintenance.
These units came into the town’s possession in 2014. The Rocky Mountain Institute (RMI), traded them, among other things, for property downtown, where RMI’s current offices are.
If Basalt runs the affordable housing program in the black, it can use the proceeds to invest in other affordable housing projects.
According to Basalt’s town manager, Ryan Mahoney, selling the Old Snowmass units won’t solve all of the town’s problems.
“This won’t be the panacea, but it nonetheless frees up money for us to concentrate on the services in town,” he said.
There are at least seven people living in those units. If the town decides to sell, those people will need to relocate.