The Yampa Valley Housing Authority is asking the Steamboat Springs City Council to approve a 30-unit affordable housing development and to borrow $250,000 to help fund it.
The final plans for Fox Creek, a 30-unit townhome development off Hilltop Parkway, are scheduled to go before the council tonight.
The housing authority will ask for a $250,000 loan to go toward the purchase of the land. The money will come out of the revolving Affordable Housing Fund, which was established almost two years ago and previously was used to help purchase land for the West End Village Project. The city and county spilt the cost of the revolving loan.
In a letter to the council, the housing authority noted that it was the authority's intention to use the loan to purchase the four-acre parcel. The housing authority plans to put $50,000 cash down on the land and use a $200,000 bank loan and the $250,000 loan from the city and county fund to cover the $500,000 purchase price.
The housing authority has requested a term of nine months with no interest.
Earlier in the evening, the council is set to review plans for the Fox Creek development, which includes five buildings with six units each. At least half the 30 units are intended to be deed-restricted affordable housing units and more could be deed-restricted depending on financing. The authority hopes the two-bedroom, two-bath, 1,000-square-foot units will sell for between $150,000 and $175,000.
One of the major discussion points for Tuesday's meeting most likely will be the width of the sidewalk. The housing authority would like to have a 4-foot sidewalk running along Hilltop Parkway, but the city requires 8-foot sidewalks.
At a Nov. 11 Steamboat Springs Planning Commission, Architect Eric Smith said the sidewalk could not be any more than 4-feet wide without dropping off the side of the hill. To build the sidewalk to the city standard would require using fill and possibly a retaining wall.
The wider sidewalk would cost the housing authority more than $30,000, and that cost would be passed directly on to the owners, who would have to pay an extra $1,000 to $2,000.
On Nov. 11, the planning commission recommended approving the project, but with the caveat that 6-foot sidewalks be built.
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