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City council approves 99-year lease to Rural Homes for Salt Flats homeownership project
Summary
The Grand Junction City Council approved an ordinance authorizing a lease of roughly 3.14 acres at the Salt Flats site to nonprofit developer Rural Homes for a 48-unit, deed-restricted homeownership project. The lease supports a larger mixed-income development on 21.78 acres where grant conditions require a large share of affordable units.
The Grand Junction City Council on Oct. 1 approved an ordinance authorizing the city manager to sign a 99-year lease of about 3.14 acres at the Salt Flats site to nonprofit developer Rural Homes for a deed-restricted homeownership project.
Housing Manager Ashley Chambers told council the Salt Flats property is a 21.78-acre site where grant conditions require that 70% of units be affordable. The city purchased the site for $3,200,000 with a $2,200,000 land-banking grant awarded through the Colorado Housing and Finance Authority and Proposition 123. An additional $2,000,000 infrastructure grant for the first phase was awarded in 2024, Chambers said.
The lease being authorized Thursday applies to the project’s…
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