Breckenridge, Colorado’s Master Plan for affordable housing, called the Block 11 Master Plan, consists of a multi-phase project that will ultimately occupy 254 acres and provide between 180-350 housing units. Two of the thee income-restricted affordable housing projects that will provide rentals to working locals, the McCain Project and Pinewood II, have already begun construction. The third affordable rental project, Dennison Placer, will begin construction this summer.
Located off Airport Road, near the Colorado Mountain College in Breckenridge, the Dennison Placer project is a two-phase plan that will provide 65 townhome units and 35 apartment units. The first part of this construction plan will begin this summer and the second is contingent on receiving federal funding.
In a strategic move to boost the project’s chances of receiving the funding developers are seeking, the Breckenridge Town Council has approved an ownership transfer of the project from the Town of Breckenridge to the Breckenridge Housing Authority.
Under a nonprofit umbrella, the Dennison Placer affordable rental project is more likely to receive the tax credits developers are seeking. This is because federal tax dollars are typically distributed more generously to nonprofit building projects than to local government building projects.
Regardless of federal funding, the first phase of the Dennison Placer affordable rental project will begin construction this summer, providing 30 new housing units for working locals. The apartment style units will become available only to those who fall into the 40-60% area median income bracket.
Much of the housing available to locals in Summit County (rentals and home sales) are deed restricted properties with various stipulations. Some properties require tenants/ owners to live and work in the county while others require applicants to fall into or above the area median income. Some homes are also appreciation restricted. The goal behind the restrictions on these homes is to make resort living attainable to those who work in the industries that keep our economy alive.
If you live in Summit County and are interested in learning more about the housing market that is most attractive to locals, please call us today! 970-453-1450