Best of the Boat: Best Housing Development — The Reserves at Steamboat
November 9, 2017
Easily the biggest news on Steamboat and Routt County's affordable housing front in 20 years was the realization this spring of the 48 affordable, apartments at the Reserves at Steamboat just off Elk River Road on the city's west side. And this earned the project Best New Housing Development among voters.
When the Yampa Valley Housing Authority began accepting applications for the handsome, new two- and three-bedroom rental units in February, people began lining up at Library Hall at 4 a.m. to get the high spot on the waiting list. That's how acute the need for housing for hard-working locals – a number of them single, working moms – has been in Steamboat.
The success of the Reserves, built with the help of federal tax credits and a public/private development team, also breathed new life into the authority. YVHA is seeking voter approval this fall for a temporary property tax to build on its momentum and build more apartments.
"If we price locals out of town, we lose community character and reduce competitiveness (with other resort communities)," says housing authority Executive Director Jason Peasley. "We want to take this project and keep doing that again and again."
The Reserves was created by the housing authority with partner Overland Property Group of Kansas. The two- and three-bedroom apartments have 9-foot ceilings, nice flooring and ample soundproofing. The key to the role The Reserves plays in the community's housing stock is that the units are available only to households making less than 60 percent of the median income here.
By late summer 2017 the project was fully leased and households were moving into their new homes. Rents range from $615 to $959 a month for a two-bedroom apartment.
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