The Colorado state government awarded a $5 million grant to Frisco to help build affordable housing at 101 W. Main St.
A minimum of 45 deed-restricted, affordable units are proposed in the plans for 101 W. Main St.
The National Housing Partnership Foundation (NHP Foundation) currently owns the property. NHP Foundation is a national, nonprofit developer that aims to preserve affordable housing.
Critical Step For Housing Opportunities
Summit County is amongst the numerous mountain communities in Colorado that have faced challenges with workforce and affordable housing.
Frisco was awarded funds from Proposition 123 Land Banking Funds. A combined $25,340,000 is planned to be dispersed between 16 entities. The funds are anticipated to create an estimated 1,380 housing units in Colorado.
The proposition was passed by voters in November 2022. In an effort to preserve land for affordable, for-sale and rental housing development, the land banking program provides grants to local and tribal governments.
One of the most significant barriers to affordable housing is land availability.
“We’re committed to solving this (housing) problem as best we can,” Frisco Mayor Hunter Mortensen said. “And this is a huge step in it. To get that grant award was really huge for us and really the community as a whole.”
In order to gain access to the funds, Frisco and other recipients of the awards must complete statutory requirements in coming years, including achieving proper zoning, finalizing development plans and securing permits.
The NHP Foundation has applied to rezone the 1970s-era offices at 101 W. Main St. from it’s current mixed zoning use to a planned unit development.
Rezoning would encourage flexibility and provide relief from certain standards of underlying zoning districts. The affordable rental units would serve households of up to 80% of the area median income (AMI) while allowing minor deviations up to 100% of the AMI.
NHP Foundation Projects In Colorado
The New York-based nonprofit, NHP Foundation, entered the Colorado affordable and workforce housing market with three deals in mountain resort communities.
In addition to the affordable housing project at 101 W. Main St., other NHP Foundation’s Colorado projects include a project on Galena Street in Frisco where up to 54 units of workforce housing are planned.
