STEAMBOAT SPRINGS —— Members of the Yampa Valley Housing Authority board said this week that they would like to learn more about a proposal from Brent Pearson, of Resort Ventures West, to tap into federal tax credits that could help a third-party developer build out the remaining affordable housing units in Wildhorse Meadows.
Only this time around, the affordable units at First Tracks would be offered to modest-income families as rental apartments instead of for purchase as condominiums.
Pearson told the Housing Authority board that his company has looked for ways to develop the previously approved second phase of First Tracks or sell the land but that economic conditions make it unfeasible. Now, he thinks he has found a way.
Essentially, he is proposing to work with Denver developer Medici Communities LLC, which has a working relationship with the Catholic Archdiocese of Denver and a successful track record of developing affordable projects. The archdiocese typically works with Wells Fargo Bank as its investment partner on affordable housing projects. The investors realize a return from the tax incentives.
The tax credits allow the developers to have far more equity than debt in the project from the beginning.
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