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ArtSpace consultant outlines town-center housing financing options; trustees request broader pro formas
Summary
ArtSpace consultant Andrew reported on financing options for the Town Center project, including targeting several for-sale units at different AMI levels and applying for Division of Housing funds. Trustees asked for alternative pro forma models showing non–tax-credit scenarios and partnerships for gap financing.
Andrew, an ArtSpace consultant, updated trustees on progress toward development of the Town Center site and modeling for the Southwest Promenade’s for-sale housing component.
He told trustees he had been in conversations with the Colorado Division of Housing and that the town could target six ownership units at 100% area median income (AMI) and two units at roughly 50% AMI. Andrew said the Division of Housing will accept applications in an upcoming round and that an LOI (letter of intent) would be due in March with a full application in May. He also described modeling that assumes some…
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