The Colorado Department of Local Affairs (DOLA), through the Division of Housing’s state housing board, announced on Tuesday, June 25, that it awarded more than $41 million in rental and homeownership support for a total of 414 housing units to be constructed across the state.
According to the press release from DOLA, $38.95 million was awarded to support 388 rental units, while $2.05 million was awarded to support 26 homeownership units statewide.
One of the awards granted by DOLA was a $4.75 million Transformational Housing Fund loan awarded to the Trails at Pagosa, an affordable housing development project proposed for Pagosa Springs.
The development will be located at 116 Alpha Drive on 3.5 acres and will feature two buildings with a total of 50 affordable units. The units will be a mix of one-, two- and three-bedroom apartments ranging from 30 to 80 percent of the area median income (AMI), with an average affordability of 60 percent AMI.
The final major design review application for this project was approved by the Pagosa Springs Planning Commission at a May 14 regular meeting.
The property is part of a larger 22-acre parent property, which is expected to be further subdivided through a major subdivision application process at a later date, according to the agenda documentation from the May 14 planning commission meeting.
According to the documentation, the property is owned by FCBMD CO LLC and the developer for the project is Generation Housing Partners.
Access to the development is planned to come from an extension of Aspen Village Drive, “with the roadway ultimately to be extended to U.S. 160 at the Pinon Causeway intersection,” according to the documentation.
In an interview, Pagosa Springs Community Development Director James Dickhoff indicated that construction on the project will likely begin within the next couple of months.
Dickhoff noted the developers want to make as much progress as possible before the winter.
Attempts to reach the developer for comment were unsuccessful as of print time on Wednesday, June 26.
clayton@pagosasun.com
