Steamboat Springs The city and county grabbed the Regional Affordable Living Foundation's hand Tuesday night as they prepared to leap into the world of affordable housing subsidies.
Rob Dick, RALF's executive director, gladly accepted that $250,000 hand, and told the groups they would get their money back when they got to the other side. The city and county moved to go ahead with an approval for the full amount of the subsidy as long as RALF gave them more specifics and city staff could vouch for the viability of the proposal. The two $125,000 subsidies will likely be evaluated separately by the city and county.
The two governmental entities have been collecting the $250,000 over the past two years to fund the development of affordable housing in the west of Steamboat area.
The West End Village Project, located on 30 acres off of Downhill Drive, was the first project to be reviewed under the West of Steamboat Area Plan and was approved Dec. 19.
RALF, in conjunction with local contractor Steve Cavanagh, has promised to offer at least 50 percent of the units to low- and middle-income families, while the other half would be offered at market prices.
Although the city and county did not formally decide to give the full $250,000 to the project, they made a strong move in that direction, hoping to establish a "revolving-door fund" for affordable housing. The $250,000 would be used to buy land and pay lot costs for a 32-unit multi-family development and would be given back to the city and county once people started buying the units.