The town of Crested Butte has received a multi-million-dollar financial boost for the Mineral Point affordable housing development. The town was notified by the Colorado Housing and Finance Authority that the project has been awarded an allocation of Low Income Housing Tax Credits (LIHTC) for the 34 rental apartments. The estimated $11 million LIHTC award will contribute to the project’s estimated $16.6 million cost. The remaining funds for the project are expected to come through the Colorado Division of Housing and Department of Local Affairs, the permanent mortgage, and a possible contribution of a portion of TWG’s developer fee.
With the income constraints set at 30% to 60% of the Area Median Income (AMI), the project seeks to provide affordable housing for low- and moderate-income residents. Construction on the project is anticipated to begin in the fall of 2023, with the rental units being occupied by the fall of 2024. Potential renters can access the Gunnison Valley Regional Housing Authority’s (GVRHA) interest list via the GVRHA website.
Visit the following website to learn more about the story:
https://crestedbuttenews.com/2023/05/mineral-point-expected-to-reap-millions-of-dollars-in-tax-credits/
