Courtesy Grand Park
Fraser is getting its first new low-income housing development since 1995 with the state’s support of the Fraser Mill Development in Grand Park.
The Colorado Housing and Finance Authority awarded the Fraser Mill Development 9% Low-Income Housing Tax Credits, which will subsidize the construction of 60 affordable apartments.
Planned for the corner of Leonard Lane and Mill Avenue, the apartments will be centrally located in Fraser and restricted to local workforce to help fill the need for housing in town. The development will offer one, two and three bedroom units with balconies, storage and mountain views.
“Families working in the Fraser Valley are in need of this project and the overwhelming support from local businesses and community leaders is what helped drive this project to award,” said developer Clark Lipscomb in a press release. “We are very appreciative of the Colorado Housing and Finance Authority’s consideration and thoughtful approach towards evaluating the project.”
All 60 units will require tenants with 60% of the area median income (AMI). According to the U.S. Department of Housing and Urban Development, Grand County’s AMI is $79,500 a year, so 60% of the AMI is roughly $47,700 per year.
The units will also be deed restricted so that the development will remain affordable into the future.
“I fully support this project as affordable housing is the number one issue for employees and low-income families in our community,” said Fraser Mayor Philip Vandernail.
The mill development will be a part of the larger Byer’s Peak Ranch neighborhood being developed by Lipscomb. Other projects in the works include the Willows duplexes, Elk Creek condos and cottages and the Meadows townhomes.
Fraser is also home to Wapiti Meadows, the low-income housing unit built in 1995 that accepts Section 8 housing vouchers.
Outside of Fraser, both Granby and Winter Park are planning to get low-income housing developments soon as well.
Granby recently approved the first plat of the Rodeo Apartments, which preliminarily expects to add 106 affordable units to the market. In Winter Park, the town plans to partner with a developer to apply for Low-Income Housing Tax Credits this December to build the Fireside Creek development, which aims to offer 82 new apartments.